Romanian plastics producer Promateris (PPL), controlled by the family of Florin Pogonaru – the head of the Romanian Businessmen’s Association (AOAR), has obtained another financing through the EEA and Norway Grants scheme to develop a new division that will produce compostable packaging.

The grant is worth EUR 744,000 and will partly finance a project worth EUR 1.65 mln that Promateris is developing together with Norwegian company BioBag.

The new division, Bio Compounds, will start producing BioMateris – a raw material used for producing compostable packaging – in 2022.

This is the second grant Promateris has obtained through this scheme, after getting EUR 950,000 in 2019 to produce packaging from regenerable materials.

In 2020, Promateris reached a turnover of RON 116 mln (EUR 23.8 mln), double compared to 2018, and a net profit of RON 3.7 mln.

The company is listed on the Bucharest Stock Exchange and has a market capitalization of RON 63.5 mln (EUR 12.9 mln). 

(Photo courtesy of the company)

andrei@romania-insider.com