Greek group Yioula will sell the Romanian glass producer Stirom Bucuresti to the Portuguese company BA Vidro.

The deal will be concluded by the end of this year after it gets the approval of the Competition Council.

In the first six months of this year, Stirom recorded a turnover of EUR 31.7 million, up over 18% year-on-year. Despite the increase, the producer didn’t manage to improve its profitability at a comparable level. The net profit reached EUR 2.6 million, up 6% year-on-year.

Stirom produces glass packaging for local and foreign producers in the food and beverages industry. The company’s shares are traded on the Bucharest Stock Exchange. The share price went up by almost 15% on Monday, after the deal was announced. Stirom has a market capitalization of EUR 48 million.

Portuguese group BA Vidro owns seven factories in Spain and Portugal and has 2,100 employees.

editor@romania-insider.com