March 27 (SeeNews) - The turnover of TeraGlass, the thermo-insulating carpentry division of Romania's TeraPlast Group [BSE:TRP], rose by 26% year-on-year in 2018 on the back of higher exports, TeraGlass said on Wednesday.
More than 70% of last year's sales came from exports to 12 European countries such as Germany, Hungary, Czech Republic, Austria, Slovenia or Slovakia, TerraGlass said in a press release.
"TeraGlass's distribution network is now serving over 500 foreign shops per month, and this was possible only by building long-time partnerships based on trust, quality and promptness. TeraGlass products are appreciated on the external markets and the ongoing investments will help us meet the upward demand on both domestic and foreign markets," TeraGlass general manager Lorant Sas said.
Some 60% of TeraGlass customers are foreign. In Romania, the company's products are mainly marketed in big DIY stores.
Founded over 10 years ago, the TeraGlass factory in Bistrita produces windows and PVC doors, panels and ornamental panels and aluminum garments. Currently, the factory has an annual capacity of over 120,000 units and employs 125.
Last year, TeraGlass started a 3.5 million euro ($3.96 million) project financed by a state aid scheme. The project targets the creation of a new, fully automated flow for the production of windows and PVC doors, in order to increase production capacity and labor productivity, as well as to meet increasing demand TeraGlass products.
TeraPlast's shares traded flat at 0.2430 lei on the Bucharest Stock Exchange as of 0959 CET on Wednesday.
(1 euro = 4.7620 euro)