EC clears Kingspan’s takeover of Steel division from Romanian group TeraPlast
The European Commission (EC) approved on January 12 the sale of TeraSteel and Wetterbest, part of Romanian industrial group TeraPlast, to the Irish group Kingspan.
The deal still pends approval by the Serbian Competition Commission, as it involves the TeraSteel division in Serbia.
TeraPlast Group, controlled by Romanian investor Dorel Goia, announced on July 24, 2020, the sale of its Steel division to Kingspan Group.
The deal includes the business lines operated by TeraSteel SA (Romania), TeraSteel DOO (Serbia), and Wetterbest SA (Romania).
The group estimates that it will receive approval for the sale of its Serbian subsidiary in mid-February.
Subsequently, the value of the transaction will be established and paid, TeraPlast said in a report on the Bucharest Stock Exchange (BVB).
Kingspan is already present in Romania with the construction materials manufacturer Joris Ide, which has a factory in Buzias, Timis county, where it produces structures for halls, thermal insulation, sandwich panels, and metal tiles.
(Photo: TeraSteel Facebook Page)