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Romania's Wetterbest invests 44.5 mln lei (9.2 mln euro) in factory relocation

Romania's Wetterbest invests 44.5 mln lei (9.2 mln euro) in factory relocation Source: Wetterbest

BUCHAREST (Romania), March 25 (SeeNews) - Romanian roof systems manufacturer Wetterbest, part of TeraPlast Group [BSE:TRP], said on Wednesday it has completed the relocation of its factory in Baicoi following an investment of 44.5 million lei ($9.95 million/9.2 mln euro).

The investment project started in the second half of 2018 and was co-financed with 8.64 million lei through the state-aid scheme, Wetterbest said in a press release. 

The relocated factory will have an annual production capacity of 10 million sq m of metal tiles. Following the relocation, 42 new jobs were created, taking the total number of employees to over 350. 

"The new factory benefits from the most modern available equipment, which allows us to increase our production capacity by 30%. Thus, we will be able to serve both the local and regional markets even more efficiently," Wetterbest CEO Marian Pirvu said.

"We believe that now, more than ever, it is vital to keep our focus and to look ahead. We are protecting our employees and are adapting to the current conditions, but we do not want to stop production as it happened in Italy," Pirvu added, referring to the ongoing coronavirus pandemic and the toll it is taking on the economy.

The company's turnover rose by an annual 22% to 269.9 million lei last year.

Wetterbest has three production sites in Baicoi. From the beginning of this year it is wholly owned by TeraPlast Group.

The TeraPlast Group product portfolio comprises several business lines: installation, PVC joinery profiles, compounds, thermal insulating panels, windows, doors and metallic tiles. 

TeraPlast's shares traded 1.54% higher at 0.2630 lei as at 1235 CET on Wednesday on the Bucharest Stock Exchange.

(1 euro= 4.8367 lei)