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Stirom expects 27% rise in turnover

Stirom, Romania“s largest glass manufacturer and part of Greek group Yioula Glassworks, expects a turnover of ROL 155 million (USD 49.8 million/EUR 42.6 million) for 2006, up 27% on the year, the com…

Stirom, Romania“s largest glass manufacturer and part of Greek group Yioula Glassworks, expects a turnover of ROL 155 million (USD 49.8 million/EUR 42.6 million) for 2006, up 27% on the year, the company said on 21 February 2006. Exports accounted for 23% of the company“s turnover in 2005. Stirom exports to the USA, Hungary, Moldova, Bulgaria, Greece and Israel, amongst others. The company has a domestic market share of 45%. Yioula Glassworks will invest EUR 50 million (USD 58.5 million) in Stirom in 2006 and 2007, of which EUR 10 million (USD 11.7 million) will be from its own funds and the remainder from loans. Yioula took over 53.9% in Stirom in 2003 through its investment company Mediterranean Glass Limited (MGL). The group has invested EUR 13 million (USD 15.2 million) in the Romanian glass maker to date. The Romanian glass market reached ROL 180 million (USD 57.8 million/EUR 49.5 million) in 2005.

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