RO organic fertilizer producer Norofert enters US market
Romanian organic fertilizer producer Norofert, listed on the Bucharest Stock Exchange (BVB), announced that it registered with the US regulatory body in Ohio state four of its products that it can sell on the state's territory between July 1, 2020, and June 30, 2021, upon the payment of a fee.
"The four organic products, fertilizers, and pesticides registered in the state of Ohio are specially developed for the American market. Obtaining registration in the state of Ohio, where Norofert's subsidiary, Norofert USA, was established, is an important step in the expansion process in America. After this registration, Norofert can start marketing the four products in Ohio during this year's fall campaign," the company announced in a report to the Stock Exchange.
Norofert is 38.7% owned by local entrepreneur Vlad Popescu, founder, chairman of the board and general manager, while Ileana Popescu owns 19% of the company, and Marius Alexe has a 12% stake.
Norofert had a turnover of RON 14.7 mln (EUR 3 mln) and a net profit of RON 3 mln (EUR 625,000) in 2019.
The company's market capitalization is RON 73 mln (EUR 15 mln), five times its 2019 turnover.