TeraPlast applies for state aid for EUR 7.9 mln project
Romanian construction materials manufacturer TeraPlast Bistrita, controlled by local businessman Dorel Goia, is requesting state aid worth almost EUR 4 million to finance an investment project of EUR 7.9 mln aimed at expanding production capacity.
The company submitted its application on September 30, within the state aid scheme for stimulating investments with a major impact on the economy.
TeraPlast aims to expand the production capacity of the Installations business line, which includes the portfolio of pipes and fittings.
The company plans to complete the project in April 2022.
The investment will create 45 jobs.
"This project is the first of the investment projects by which we contribute to reducing Romania's dependence on imports. We will use the same technology and raw materials as our competitors in Western Europe," said Alexandru Stanean, CEO of TeraPlast.
TeraPlast is listed on the Bucharest Stock Exchange and has a market capitalization of RON 700 million (EUR 140 mln). Its shares have increased by 85% since the beginning of the year.
(Photo courtesy of the company)