Romanian chemical group Chimcomplex to invest EUR 115 mln, targets EUR 1 bln turnover

Ten days after it purchased the operating assets of its peer Oltchim, Romanian chemical group Chimcomplex announced its investment plans for the next 5 years as agreed with the two banks that financed the takeover with EUR 164 mln: Credit Suisse and VTB Europe. Chimcomplex will invest EUR 115 mln in its production platforms at Borzesti and Ramnicu Valcea, over the next five years. Out of this, 8% (four times the typical share earmarked by companies in the region) will go to research and development. The group’s output is planned to rise from 500,000 tonnes (combined output of Chimcomplex and Oltchim before takeover) to 700,000 tonnes. In value terms, Chimcomplex envisages EUR 1 billion overall turnover at the end of the five-year period. Romania produces chemical products worth EUR 10 billion and imports products worth EUR 8 billion therefore the local chemical industry could expand by 30% at least only by substituting half of the current imports. editor@romania-insider.com (photo source: Pexels.com)