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2023-12-19 00:00:00
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Romanian Company Exonia to Establish Eastern Europe's Largest Biodegradable Packaging Factory
Exonia, a Romanian entrepreneurial firm specializing in compostable paper packaging solutions, has acquired a substantial bakery complex in Iasi, formerly operated by Vel Pitar group. The company plans to transform this site into the largest biodegradable packaging factory in Eastern Europe.
The initiative is set to involve an investment of approximately EUR 14 million, as reported by Economica.net. While the specific terms of the acquisition remain undisclosed, it is understood that the transaction was valued at around EUR 7 million.
In addition to the purchase, Exonia is allocating around EUR 1.5 billion for the refurbishment of the complex and an additional EUR 6 million for new equipment, bringing the total investment for the new factory to about EUR 14.5 million.
The Exonia group, established in the 2000s and primarily controlled by businessman Tiberiu Stoian (90%) along with his wife Nadia (10%), encompasses Exonia Holding, a paper packaging manufacturer. The group also has investments in polymer packaging production and distribution, as well as in the IT, real estate, and agricultural sectors in Romania and the United States.
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