Romanian plastics producer Promateris, better known by its former name Prodplast, plans to invest EUR 7 million in a new biodegradable packaging factory in Crevedia, not far from Bucharest.

The company changed its name in July when it also approved a RON 13.4 mln (EUR 2.75 mln) capital increase for financing the development plan.

"We plan to build a new plant in Crevedia, which will allow us to double production capacity and diversify the portfolio with products with low environmental impact, including marine biodegradable. The initial investment will be EUR 7 mln and will be made in two stages, the first stage involving EUR 3 mln. Construction will begin in 2021 and will be completed in 2023," said Tudor Georgescu, director of Promateris, according to Ziarul Financiar.

The company produces packaging made from renewable, biodegradable, and compostable materials and already has a factory in Buftea, near Bucharest, where it produces sustainable alternatives to disposable plastic.

Promateris is listed on the Bucharest Stock Exchange and has a market capitalization of  RON 59 mln (EUR 12 mln).

Romanian businessman Florin Pogonaru, together with a group of companies he owns and individual investors, controls over 90% of the company's shares, according to the latest data. Pogonaru also heads the Association of Business People in Romania (AOAR).

andrei@romania-insider.com

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