Olympus Romania takes EUR 30 mln loan for further investments in Brasov-based plant

The Greek dairy manufacturer Olympus will continue investing this year in the new Brasov plant, which opened last year, according to the company. Olympus Romania signed today (March 14) a EUR 30 million loan agreement with the Black Sea Trade and Development Bank (BSTDB), for a period of seven years. With this loan, the company aims to increase its efficiency and competitiveness, to increase its export capacity on international markets and to meet high quality standards. “The plant in Brasov is one of the most developed dairy factories in Europe - it is mandatory for us to raise standards and to maintain our market position,’ said Dimitrios Sarantis, Chairman Olympus. In 2011, Olympus Romania posted a turnover of EUR 22.6 million, up 11 percent over the EUR 18 million posted in 2010. For this year, the company expects to double its turnover. Currently, 80 percent of Olympus Romania’s production is exported. In 2011, from the total turnover, EUR 20 million came from exports, while in 2012 the company foresees exports bringing some EUR 32 million of the total expected turnover. The company’s products are mostly exported to Central and Eastern European countries, but, in the future, Olympus Romania plans to expand exports to markets in Western Europe, and even the USA. Olympus invested EUR 55 million in its plant in Halciu, Brasov county. The new plant stretches over a total surface of 25,000 square meters and includes three processing units for yogurt, cheese and milk. Milk reception capacity stands at 40,000 liters an hour. Olympus is part of Greek group Tyras, which is controled by Dimitrios and Michail Sarantis, and started its operations in Romania in 1999. BSTDB is an international financial institution established by Greece, Russia and Turkey - with 16.5 percent each in the bank’s capital. Romania has a 14 percent stake, Bulgaria and Ukraine - 13.5 percent each, Azerbaijan - 5 percent, Albania - 2 percent, Armenia and Moldavia - 1 percent each, and Georgia - 0.5 percent. So far, the bank’s Board of Directors has approved 24 loans for banks and companies in Romania - such as Rompetrol, Petrom, Unicredit, Bancpost, and Banca Carpatica, with a total amount of EUR 255 million. The bank’s operations in Romania mostly focus on areas that include development of infrastructure, energy, telecommunications, real estate, and tourism. Moreover, through selected intermediaries, the bank plans to expand its financing programs for SMEs. Irina Popescu, irina.popescu@romania-insider.com (photo source: the company)