Biodegradable packaging manufacturer Exonia Holding plans an investment of EUR 7.5 mln for a factory in Hunedoara County, partially financed through the Just Transition Mechanism, announced CEO and majority shareholder Tiberiu Stoian, quoted by Ziarul Financiar.

The company currently produces biodegradable paper bags in Iasi. It will get a EUR 5 mln state grant for the project in Hunedoara County.

"We want to build a paper packaging production to address a certain niche of the market, particularly in the trade area." The idea of investment in Hunedoara "appeared at the intersection between the need to expand production capacities and the financing schemes available, as well as the cost of these financings," Exonia CEO Stoian explained.

Separately, Exonia plans to increase its production capacity in Iasi under an investment project worth EUR 10 mln. Part of it should be financed through an IPO at the Bucharest Stock Exchange (BVB) initially planned for 2023 but rescheduled to April or May next year to avoid the negative effects of the major Hidroelectrica IPO. 

iulian@romania-insider.com

(Photo source: Serhii Nemyrivskyi | Dreamstime.com)