November 29 (SeeNews) - Romanian recycling company Green Group units Greenfiber International and Greentech will merge through absorption, minority shareholder Romcarbon [BSE:ROCE] said.
The effective date of the merger in which Greenfiber International is absorbing Greentech is December 1, Romcarbon said in a report filed with the Bucharest Stock Exchange on Monday.
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Plastics manufacturer Romcarbon has an indirect holding of 17.59% in Green Group and in both Greenfiber and Greentech.
Green Group comprises 13 companies active in recycling. The group operates across Southeast Europe.
Romcarbon has 70 years of experience in the processing of polyethylene, polypropylene, PVC and polystyrene. It is one of the largest employers in the county of Buzau, employing approximately 800 at end-2021, according to data from the finance ministry's website. The company has branch offices in Bucharest, Iasi and Stefanesti.
Its shares traded 1.49% higher at 0.4780 lei as of 1004 CET on Tuesday on the Bucharest Stock Exchange.
($=0.9549 euro)