Investments needed at the Siret plant are not feasible economically under the current market conditions, according to the company’s officials.
“Part of Radauti plant operations and the entire activity of Siret plant will be halted starting March 30, 2022, because of the difficult wood market conditions,” say the company’s officials.
In Romania, HS Timber Productions continues its activity with two timber plants in Sebes and Reci and a panel plant in Comanesti, with around 2,400 employees.
The company reported RON2.4 billion (EUR494 million) turnover in 2020, from RON1.8 billion in 2019. 2020 profit hit RON339 million, from RON78 million in the previous year.
HS Timber Group is the biggest greenfield investor in Romania’s wood industry. In 2003, the group opened the first timber plant in Romania.
(English version by Catalina Apostoiu)