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Nov 23, 2017 15:20 EEST
November 23 (SeeNews) - Romanian plastic products manufacturer Teraplast Group [BSE:TRP] said on Thursday it has acquired a further 7% shareholding interest in local roof tiles producer Depaco, increasing its stake in the company to 67%.
The transaction is pending approval from the country's anti-trust body, Teraplast said in a press release.
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In June, Teraplast acquired 10% of Depaco, boosting its stake to 60%.
"The expansion of the Teraplast Group's participation in Depaco represents a reconfirmation of the trust that Teraplast has in the company. We are confident that we will continue our solid partnership along with business development," Depaco's general manager Valeriu Irimescu said.
"Depaco's growth in the first nine months of 2017 also confirms the strengthening of our collaboration and is the result of a dynamic business."
Depaco booked a net profit of 10.31 million lei ($2.6 million/2.2 million euro) in 2016, up an impressive 88% on the year, on turnover of 127 million lei, up 27%. As part of Romania's Wetterbest group Depaco operates 40 automated lines for metallic tiles with various profiles in Baicoi, in the southern county of Prahova.
Teraplast's net profit more than halved to 15.9 million lei in the first nine months of 2017, compared to 30.3 million lei in the year-ago period.
In October,Teraplast opened its TeraSteel sandwich panels factory in Serbia. Teraplast bought the factory, formerly known as Interlemind, for 4.3 million euro ($5.07 million) in June.
Earlier in October, Romania's anti-trust regulator approved the takeover of plastic products manufacturer Politub by Teraplast. The agreement for the takeover was signed for an undisclosed sum in August.
In September, the group increased its planned 2017 investment by 14% to 96 million lei. Teraplast sought the increase due to the multiple acquisitions made by the company in the first half of the year.
Teraplast is Romania’s leading PVC manufacturer and one of the main manufacturers of materials for the construction and installation market. The company was founded in 1896 in Bistrita, in northern Romania, as a ceramic tiles manufacturing unit.
Teraplast shares traded 0.75% higher at 0.4010 lei on the Bucharest Stock Exchange as of 1207 CET on Thursday.
(1 euro=4.6546 lei)
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