October 11 (SeeNews) - TeraSteel, the sandwich panels factory in Serbia opened a year ago by Romanian plastic products manufacturer Teraplast Group [BSE:TRP], has launched a new production line, the group said on Thursday.
The new production line will manufacture thermal insulation panels containing mineral wool, TeraPlast said in a press release.
These panels are used in the construction of halls, roofs, commercial spaces, and also in dividing any type of construction space such as production halls, prefabricated modules and laboratories.
The markets targeted by
With this new product TeraSteel targets the markets to which it already exports - Bulgaria, Hungary, southern Romania, Macedonia, Croatia, Bosnia, Montenegro, Germany and Albania.
TeraPlast aims to produce 300,000 square meters of insulation panels with mineral wool in 2019.
"In line with our environmental protection policies, we decided to open the mineral wool line. Moreover, together with our main partners, we are constantly developing eco-friendly products, relying on the benefits of biotechnology," TeraSteel CEO, Cosmin Patroiu, said.
Since October 2017, TeraSteel Serbia has manufactured over one million square feet of polyurethane foam-insulated panels and over 70,000 linear self-supporting sheets worth more than 13 million euro ($15 million).
TeraPlast said that its investment in the TeraSteel factory totals 6 million euro.
Based on forecasts for 2019, TeraSteel will pay around 2.8 million euro in value added tax to Serbia's state budget and about 170,000 euro in employees' social contributions.
TeraPlast shares traded 0.28% lower at 0.3580 lei ($0.09/ 0.08 euro) on the Bucharest Stock Exchange as of 1404 CET on Thursday.
($ = 0.8654 euro)