BUCHAREST (Romania), January 20 (SeeNews) - Romanian holding company ROCA Industry said on Thursday it has signed a contract to buy a 70% stake in local doors manufacturer Eco Euro Doors (EED).
The transaction is pending approval from the anti-trust body, ROCA Industry said in a press release.
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"With the know-how and resources we already have in this sector, we will work with the EED's management team to address the challenges and opportunities ahead of us in order to take the company to the next level. Eco Euro Doors is a well-established player with a strong industry position, a diverse product portfolio and a well-defined business strategy," ROCA Industry CEO Liviu Stoleru said.
Eco Euro Doors plans to introduce new products to its portfolio, while also focusing on the premium products niche. Also, it aims to expand its customer portfolio and production capacity.
According to ROCA Industry, the deal takes place amid a good dynamics of the door manufacturing market, which reached an estimated value of 140 million euro ($159 million) at the end of 2020. At the same time, the local residential market is expected to post 6% annual growth by 2024, given that Romania has the highest rate of number of homeowners in the EU - 96.8%, according to Eurostat data.
Eco Euro Doors was founded in 1994 and currently manufactures over 180,000 doors per year. The company booked a turnover of almost 13 million euro in 2021.
Besides EED, ROCA Industry inclused construction materials manufacturer BICO Industries and paints and vanishes producer Sarcom. ROCA Industry is part of ROCA Investments, a platform launched by Romanian entrepreneurs in March 2018.