Company officials did not disclose the value of the investment.
The factory currently covers an area of almost 26,000 square meters and its staff is set to exceed 400 people, which means more than 50 people are to be hired and the production is expected to reach 5,000 items per year, according to Maschio Gaspardo Romania officials.
The money for the investment came from Finest and Romanian state-run lender EximBank. The increase in production capacity is also due to an agreement signed between Maschio Gaspardo and New Holland Agriculture, a US farm machinery producer also present in Romania.
Maschio Gaspardo Romania had a turnover of RON214 million in 2020, down 14% on the year, and a profit of RON11 million, down 4% on the year, per calculations by Ziarul Financiar based on finance ministry data. Its competitors on the local market are the companies Irum from Reghin (Mures County), Roteca from Ardud (Satu Mare County) and Riela Romania from Bontida (Cluj County), according to the quoted source.
Maschio Gaspardo Group currently employs 2,000 people globally, at its eight production facilities (of which three units outside Italy, in China, India and Romania) and at 13 commercial branches. Maschio Holding is the majority shareholder, alongside Friulia Finanziaria FVG and Veneto Sviluppo SpA.