The timber supplier Reliance Global Holdings is expanding in Romania by taking over a lumber factory in Covasna county for nearly EUR 2.3 mln, Profit.ro reported.

The company, registered in Bermuda and listed on the Hong Kong Stock Exchange, signed a conditional agreement for the acquisition of the entire share capital of JWC Romwood from the Austrian group JW Cappelen, a transaction valued at EUR 2.286 mln.

Based in Întorsura Buzăului, JWC Romwood owns and operates a wood processing plant in Covasna, located on a plot with a total area of ​​60,000 square meters.

The factory has a production capacity of up to 8,000 cubic meters of timber per year and approximately 36 employees.

Reliance Global Holdings entered the Romanian market in November 2019, following the acquisition of Woodlands Industrial from Brașov, specialized in the trade of wood material.

Subsequently, the company opened a wood processing plant and a distribution hub, both located in Oituz, Covasna County.

(Photo: Sonsam/ Dreamstime)

andrei@romania-insider.com