Romanian glass maker Gerom said it planned to invest EUR 60.4 million (USD 76.5 million) in the medium-term in its food packaging and automotive glass production.
Gerom“s shareholders approved EUR 4…
Romanian glass maker Gerom said it planned to invest EUR 60.4 million (USD 76.5 million) in the medium-term in its food packaging and automotive glass production. Gerom“s shareholders approved EUR 48.4 million for the production of jars, and a EUR 12 million investment in the production of automotive glass, the company said in a statement to the over-the-counter market Rasdaq. The company also said it planned to finance the investments by taking on loans of up to EUR 51.34 million. Gerom is located in Buzau, southeastern Romania and employs more than 300. The company produces glass for motor vehicles, mirrors, windows and screens used in the ship building industry. Among Gerom“s main clients are Romanian car makers Dacia in Pitesti and Automobile Daewoo in Craiova. In August 2006, Gerom reported a net profit of ROL 36,700 (USD 13,150/EUR 10,400) for the 1H of 2006, down from ROL 81,500 a year earlier.