Glass producer Glasscorp finalized a EUR 65 million investment in a new factory in Buzau, Romania, which was opened at the beginning of this month.

A part of the investment was financed via a state aid scheme. Glasscorp is 90% owned by Turkish glass producer Trakya Cam, which is part of Sisecam group, one of the largest glass producers in the world.

The new factory will produce 800,000 window kits for cars each year, which will be delivered to car manufacturers in Romania and in the region. The factory will have 312 employees.

Local consultancy firm Wise Finance Solutions, specialized in supporting local companies to get European funds, helped Glasscorp with getting the state aid. The exact value of the aid was not revealed.

Glasscorp was founded in 2005 by Romanian investors. Trakya Cam took over 90% of the company’s shares in June 2012, for some EUR 3.25 million.

In 2013, Glasscorp had a turnover of EUR 2 million and losses of EUR 2.5 million, and 134 employees.

editor@romania-insider.com