EBRD Invested 6mil. Euros in Paper Producer Pehart Tec
EBRD contributes for the first time at the capital of a Romanian commercial company, with a 6 million Euros investment, meant to raise the competitiveness and market share of paper producer Pehart Pec, declared EBRD Director Claudia Pendred, on Friday.
The 6 million Euros investment will allow Pehart Pec to increase paper tissue, toilet paper and derivate produce production and to fund its project to extend exporting opportunities in the region.
Pehart Pec is member of MC Pec Group and is located in Petreşti, Alba County. The EBRD investment will also be used for funding energy efficiency measures. The company will secure 80% of its energy requirements, and will cut down on total energy costs with up to 1,5 million Euros per year .
Ioan Pecar, president of MG Pec Group, said Pehart Pec also received a 26 million Euros investment, composed of 20% personal resources and the rest of 80 from a Romanian Commercial Bank ( BCR ) credit.
As a result of the new investment, the company's turnover should raise from 1,8-2 million Euros/month to 4-5 million Euros. The company should also come to accommodate 380 employers.
Romania is the fifth largest consumer of paper tissue in Eastern Europe and at present, imports over 30% of its used paper tissue, while a quarter of the internal production is exported.
Previously, MG Pec group invested another 10 million Euros in the paper tissue manufacturing company, which led to a significant cut of energy costs and a raise in the company's sales from 20% to 49% on the internal market with the remaining product set for export.