“The project’s goal is to increase Aerostar’s productivity by extending and diversifying production, targeting a rise in sale, higher exports and increased labor productivity,” the company said in a statement to the Bucharest Stock Exchange Thursday.
The project is partly funded from the European Fund for Regional Development and will run for two years.
Aerostar reported a 20.33% rise in sales in the first quarter of 2012, to RON37.05, and a profit increase of nearly 50%, to RON4 million.
The company has a share capital of RON29.2 million divided into 117.1 million shares with a face value of RON0.25.
The company is 71.09% owned by Iarom Bucuresti, while regional investment fund SIF Moldova (SIF2. RO) holds 12.45%
Aerostar shares were trading at RON1 Wednesday, up 0.2% on the day.