Stirom - Eur 10M Ebrd Loan

Romania's largest glass manufacturer Stirom contracted a US$ 11.69M loan from the European Bank for Reconstruction and Development (EBRD) to finance an increase in production capacity, the company said January 2006. The company plans to invest a total EUR 44M 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 US$ 1.89M for the 1H of 2005, down from US$ 3.0M 2004.