Romanian entrepreneurial company Exonia, which delivers compostable paper packaging solutions, took over a large bakery complex previously managed by the Vel Pitar group in Iasi and wants to turn it into the largest biodegradable packaging factory in Eastern Europe.

The project involves EUR 14 million of investments, Economica.net reported.

The terms of the deal were not disclosed, but the media learned that the value of the transaction was EUR 7 million.

Separately, Exonia estimates the investments in refurbishing the complex at EUR 1.5 billion and the new equipment at EUR 6 million. In total, the investment in the new factory would thus be some EUR 14.5 million.

Exonia group, founded in the 2000s, is controlled by the businessman Tiberiu Stoian (90%), together with his wife Nadia (10%) and includes, in addition to the paper packaging manufacturer Exonia Holding, investments in the production and distribution of polymer packaging, as well as IT, real estate and agriculture assets in Romania and the US.

iulian@romania-insider.com

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