December 17 (SeeNews) - Romanian tissue producer and converter Pehart said on Thursday it has obtained a syndicated loan facility worth 51 million euro ($62.3 million), to be invested in its two plants in Petresti and Dej.
Pehart plans to build new facilities for paper production within the two sites, increase the converting area, invest in new equipment, expand production capacity, and enlarge its portfolio with new products, it said in a press release.
The loan is provided by a syndicate of banks comprising Banca Comerciala Romana, as coordinator, along with ING Bank N.V. Amsterdam, Bucharest Branch, Raiffeisen Bank and OTP Bank Romania.
"Our plans for development include an investment of 20 million euro within three years, through a strong partnership with the banks that
facilitated the loan. Our commitment is to guide the paper business to a new standard of ethical, environmentally friendly development as we enter new foreign markets, keeping in mind the local community and providing new job opportunities in a robust, people-oriented industry," Pehart general manager Gabriel Stancu said.
Pehart is controlled by private equity firm Abris Capital Partners and owns two production units in Dej, Cluj county and at Petresti in Alba county.
Pehart's products are also sold in Hungary, Slovakia, Ukraine, Serbia, Croatia, Bulgaria and Greece.
Pehart owns Pufina, Alint and Altessa brands.
($=0.8179 euro)