German group acquires Romanian tiles factory
German group Braas Monier, which owns in Romania the Sibiu-based tiles factory BRAMAC, has signed an agreement to take over the tiles producer Elpreco, based in Craiova, from Irish cement producer CRH, for EUR 8 million.
The amount includes both the asset acquisition price, as well as the costs related to the deal and the financing of the work capital, according to Braas Monier. The deal will be completed in the last three months of this year.
The tiles producer wants to strengthen its position in the new market context. The construction activity began to show signs of recovery in South East Europe, after several years of decline, said Pierre-Marie De Leener, Braas Monier Building Group general director.
In Romania, Bulgaria and Serbia, the number of new homes built in 2015 was almost 25% below the level recorded in 2008, but it should grow by 20% next year, according to estimations, he added. The company expects that the refurbishment market will follow a similar trend.
(photo source: Elpreco.ro)