June 24 (SeeNews) - Romanian building materials producer Cemacon [BSE:CEON] said that it will develop a new, eco-friendly ceramic coating production line.
The objective of the project is to increase the company's competitiveness, Cemacon said in a statement filed with the Bucharest Stock Exchange, BVB, on Wednesday.
The project will be co-financed under the EEA Financial Mechanism 2014-2021, with Innovation Norway, as programme operator. The total eligible value of the project is 4.21 million euro ($5.03 million), of which the non-reimbursable financial assistance is 1.9 million euro.
The duration of the project implementation is 20 months.
The project is carried out in partnership with Norwegian organization International Development Norway.
Cemacon was founded in 1969 in Zalau and focused on the production of ceramic blocks. In 2010, the company started operating a second factory in Recea and listed on the Bucharest Stock Exchange. In 2018, it has opened a lintel factory.
Shares of Cemacon traded 1.86% higher at 0.4940 lei as at 1358 CET on Thursday on the BVB.
Romanian DIY retailer Dedeman owns 73.33% of Cemacon, PIF Industrial owns 16.67%, while the remainder is in free float on the BVB.
($=0.8376 euro)