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BUCHAREST (Romania) June 24 (SeeNews) - Roof tiles producer Depaco-Wetterbest, part of Romanian plastic products manufacturer TeraPlast Group [BSE:TRP], said on Monday it opened a new showroom in the city of Brasov.
The showroom is Depaco Wetterbest's third in Romania, after the those in Cluj-Napoca and Timisoara, the company said in a press release.
"The opening of this showroom in Brasov is part of our strategy of being closer to the end customer and is in line with our medium-term objectives of increasing our market share and brand awareness," Depaco-Wetterbest general manager Marian Pirvu said.
Depaco-Wetterbest registered a 45% annual increase in metal tile sales in the first quarter of this year. Also, the company delivered over 738,000 sq m of tiles in the first quarter of 2019, up from 507,000 sq m in the same quarter of last year.
Last month, TeraPlast group increased its equity stake in Depaco-Wetterbest by 32%, reaching 99% ownership. The group will pay 5.1 million euro ($5.73 million) for the 32% stake by December 2020.
With this stake included, the group's total investment in Depaco has reached 17 million euro.
In 2019, the company targets an 18% annual increase in turnover to 55 million euro and a 51% annual growth of EBITDA to 4.6 million euro.
TeraPlast Group said it plans to allocate some 1.9 million euro from a wider state aid package approved last year for a new Depaco-Wetterbest production facility in Baicoi.
The acquisition of Depaco started in 2017. TeraPlast reached a 67% stake in January 2018.
The TeraPlast Group product portfolio comprises several business lines: installation, PVC joinery profiles, compounds, thermal insulating panels, windows, doors and metallic tiles.
TeraPlast's shares traded 2.08% lower at 0.2820 lei as at 1105 CET on Monday on the Bucharest Stock Exchange.