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Romania's ROCA Investments acquires 30% interest in local BICO Industries

Romania's ROCA Investments acquires 30% interest in local BICO Industries Source: Bico Industries

BUCHAREST (Romania), August 24 (SeeNews) - Romanian investment platform ROCA Investments, part of Impetum Group, said on Monday it has acquired a 30% stake in local fiberglass mesh manufacturer BICO Industries.

BICO Industries is a stable and profitable company, which plans to almost triple its production capacity and profit in the next five years, ROCA said in a press release.

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"We will work together to become one of the top three players in Europe in the fiberglass industry," Ionut Bindea, investment manager at ROCA Investments, said.

The value of the investment was not disclosed.

Even though sales in the industrial sector decreased considerably due to the coronavirus pandemic, forcing BICO Industries to freeze activity during April, the company posted a 5% increase in earnings before interest, taxes, depreciation and amortization (EBITDA) during the first half of the year. 

BICO industries recently invested 1.5 million euro ($1.77 million) in a new production line in Piatra Neamt, Neamt county, where it is based. The new Turbodex line can roll out complex materials such as double nets, insulated nets with felt, laminated nets with aluminum foil.

Founded in 2006, BICO Industries has an estimated market share of 35% nationally and 5% in Europe, according to data published on its website. It employs 213 at its two production centres located in Vaslui, Vaslui county, and Piatra Neamt.

According to the latest data available from the finance ministry, BICO's net profit surged to 2.66 million lei ($650,716/550,729 euro) in 2019 compared to 423,876 lei in 2018. Its turnover rose by an annual 9% to 57 million lei in 2019.

(1 euro=4.8402 lei)

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