Romanian construction materials producer AdePlast recorded a turnover of over EUR 50 million in the first ten months of 2013, up 23 percent against the previous year, according to the company.

“These figures were reached after investments of EUR 23 million in 2013. Following these investments, AdePlast added four new factories to its industrial portfolio and now has 276 employees, compared to 166 last year,” reads a statement of the company.

Compared to October 2012, AdePlast’s sales went up 39 percent this year, the increase being supported by all three components of the company’s business.

Also, in addition to the nine factories in the country, the Romanian producer plans a stone wool plant in Ploiesti.

“To conduct the investment program we have set a contribution of EUR 5.2 million. A BCR loan of EUR EUR 7.1 million is added to this amount, the loan being already approved. The rest of the money should come from the requested state aid of EUR 7.3 million, representing 50 percent of the project’s eligible costs,” said Marcel Barbut, CEO and owner of AdePlast.

The Initial Public Offering of AdePlast failed earlier this year after not enough investors subscribed during the offer. The company was hoping to raise between EUR 13 million and EUR 15 million via listing on the Bucharest Stock Exchange.

Established in 1996, AdePlast, owned by Romanian businessman Marcel Barbut, operates nine factories for dry mortar, polystyrene and paints located on three industrial sites in Oradea, Ploiesti and Roman.

Irina Popescu, irina.popescu@romania-insider.com