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Nov 13, 2020 17:42 EEST
Romanian manufacturer of PVC pipes and fittings TeraPlast [BSE:TRP] said the finance ministry approved state aid of 3.9 million euro ($4.6 million) to co-finance an investment project for expansion of the company's production capacity.
The total value of the investment project is 7.9 million euro, TeraPlast said in a press release on Thursday.
TeraPlast plans to use the funds to increase the capacity of its pipes and fittings production line. The project is expected to be completed in April 2022 and will create 45 new jobs.
"Through this investment, besides the infrastructure market, TeraPlast will also address other segments of the installation sector where at present 90% of the products are being imported," TeraPlast commercial director Ovidiu Gurau said.
This is the first project of a 20 million euro investment programme which is to be co-financed with state aid, announced by TeraPlast's parent group in September.
Earlier this month, TeraPlast Group said that it is launching another 11.8 million euro biodegradables investment project which is to be co-financed by the state. The implementation of the project will start later this month by a new subsidiary of the group, TeraPlast Folii Biodegradabile.
The TeraPlast Group product portfolio comprises several business lines: installation, PVC joinery profiles, compounds, thermal insulating panels, windows, doors and metallic tiles. The group's seven companies are TeraPlast SA, TeraSteel Romania and Serbia, Wetterbest, TeraGlass, TeraPlast Recycling and TeraPlast Hungary.
TeraPlast's shares traded 0.50% higher at 0.4040 lei ($0.10/ 0.08 euro) as at 1603 CET on Friday on the Bucharest Stock Exchange.
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