Romanian Bico Industries in talks for taking over Lithuanian fibreglass company

Bico Industries, a subsidiary of the Romanian holding ROCA Industry, is in advanced negotiations with SmartTech., a company registered in Switzerland, for the acquisition of 77.5% of the share capital of the Lithuanian company Iranga Technologijos - a provider of solutions for the production of fibreglass fabrics and composite materials by fabric lamination.

The value of the transaction is around EUR 4 mln, conditional on the successful completion of the due diligence analysis and the possible approvals of the relevant institutions.

Taking over the majority stake in Iranga is in line with the strategy and development plans of the Romanian producer. "Through the investments we make, we aim to develop our production capacities, innovation and sustainable, long-term growth. At the beginning of the year, through the acquisition of the Terra company, we managed to consolidate our market share at the EEA level for the production of glass fiber mesh for thermosystems. This time, through the Iranga transaction, we want to develop another line of business, one that addresses a B2B customer sector in which we have been active since 2019," said Adrian Butuc, General Director of Bico Industries.

ROCA Industry was launched at the beginning of the year, bringing together all the construction companies in the portfolio of ROCA Investments, a company part of the Impetum Group. At this moment, ROCA Industry brings together the holding companies Bico Industries (70%), Sarcom (100%), Terra (100%) and Eco Euro Doors (70%), and the expectations are that by the end of the year it will be completed and the full takeover of Dial, but also of Iranga (77.5%).

ROCA Industry is listed on the Bucharest Stock Exchange's AeRO market under the ticker ROC1. The group has a market capitalization of RON 162 mln (EUR 33 mln).

(Photo source: the company)