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Romania's ROCA Industry in talks to buy 77.5% of Lithuania's Iranga Technologijos

Romania's ROCA Industry in talks to buy 77.5% of Lithuania's Iranga Technologijos Source: ROCA Industry

BUCHAREST (Romania), August 12 (SeeNews) - Romanian holding group ROCA Industry [BSE:ROC1] said on Friday it is in advanced negotiations for the acquisition of a 77.5% stake in Lithuanian company Iranga Technologijos for 4 million euro ($4.12 million).

The acquisition would be made through ROCA Industries' subsidiary Bico Industries, the company said in a statement filed with the Bucharest Stock Exchange, BVB.

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The deal will support the diversification of the markets in which the holding companies are present and contribute to the creation of added value through synergies and common tools, the company added.

Owned by Switzerland's SmartTech A.G., Iranga operates on the technical and construction textiles market, offering solutions based on a complex range of technologies for the production of fiber glass fabrics and composite materials through fabric lamination, an activity similar to one of the business lines owned by Bico.

ROCA Industry is part of ROCA Investments, a platform launched by Romanian entrepreneurs in March 2018. It includes construction materials manufacturer Bico Industries, paints and varnishes producer Sarcom and door manufacturer Eco Euro Doors.

ROCA Industry's shares traded 5.66% higher at 9.14 lei ($1.93/1.87 euro) as at 1416 CET on Friday on the BVB.

(1 euro=4.8909 lei)

 
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