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Feb 13, 2024 11:01 EEST
February 13 (SeeNews) - Romanian organic farming inputs producer Norofert [BSE:NRF] said on Tuesday it has invested 3 million lei in the first phase of the construction of a medium-sized research laboratory.
The second phase of the project, slated to commence by the end of 2024, will see total investment in the project surpass 6 million lei ($1.3 million/1.2 million euro), Norofert said in a press release.
You can download the 2023 Agriculture industry in Southeast Europe report here
Situated within the premises of Norofert's input factory in Filipestii de Padure, the laboratory will be used for researching and multiplying microorganisms for agricultural applications.
"The research and development of new products represents for Norofert the main growth vector in the medium and long term, the strongest differentiator in a European market where the vast majority of manufacturers do not have a research department in the company," said Vlad Popescu, president of Noroferts' board of directors.
Established in 2000, Norofert is the main producer of organic fertilizers in Romania. It has three business lines: production of inputs for organic and conventional agriculture, organic farming and grain trading.
Norofert shares traded flat at 4.2 lei as at 0929 CET on Tuesday on the Bucharest Stock Exchange.
(1 euro=4.97579 lei)
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