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Romanian IT&C retailer Altex to invest 37 mln euro in logistics hub

Romanian IT&C retailer Altex to invest 37 mln euro in logistics hub Altex Romania

BUCHAREST (Romania), October 9 (SeeNews) – Romanian IT&C and electronics retailer Altex said on Tuesday it will invest 37 million euro ($42.4 million) in a logistics hub near the capital Bucharest.

Majority state-owned EximBank will finance 80% of the first stage of this investment, which will be finalised in the first quarter of 2019, the bank and Altex said in a joint press release on Tuesday.

The second stage of the project will be developed in 2019 and will require a 15 million euro investment for which Altex is currently looking for a financing source.

The new logistics centre is expected to improve working conditions for more than 200 employees working in 3,500 square meters of offices and administrative areas.

"The new logistics centre will bring together the work that is currently taking place in four warehouses, thus offering better availability for a wide range of faster delivery products and services to our customers. This investment reduces operational costs by supporting Altex's promise to offer its customers a wide range of products and the lowest price in Romania," Dan Ostahie, CEO of Altex Romania, said.

The new logistics centre will accommodate all types of products, from large home appliances to IT components and accessories. The modern facility will be served by 60 access ways, and four last-generation lifts, each with a capacity of 1.7 tonnes, will serve the ecommerce area.

Altex Romania, established in Romania 15 years ago, currently has 4,000 employees working in 99 own stores and in 19 Media Galaxy stores.

EximBank focuses on providing financing, guarantees and insurance services to Romanian companies, especially exporters, small and medium-sized enterprises and companies running projects in core sectors of the economy.

($=0.8722 euro)