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Stirom contracts EUR 10 million EBRD loan

Romania“s largest glass manufacturer Stirom contracted a EUR 10 million (USD 11.69 million) loan from the European Bank for Reconstruction and Development (EBRD) to finance an increase in production …

Romania“s largest glass manufacturer Stirom contracted a EUR 10 million (USD 11.69 million) loan from the European Bank for Reconstruction and Development (EBRD) to finance an increase in production capacity, the company said on 30 January 2006. The company plans to invest a total EUR 44 million (USD 51.46 million) in projects which also include increases of product quality, reduction of production costs as well as expansion on the regional market. Bucharest-based Stirom is part of Greece“s Yioula Glassworks group which has plants in Greece, Bulgaria, Moldova and Romania. Stirom reported a net profit of ROL 5.88 million (USD 1.89 million/EUR 1.6 million) for the 1H of 2005, down from ROL 9.5 million (USD 3.0 million/EUR 2.6 million) in the same period of 2004.

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