The project is 60% financed from private funds and 40% from non-reimbursable funds through the EU-funded program increasing economic competitiveness (POSCCE), the company said in a statement.
Stirom was founded in 1968 in Bucharest and is the largest glassware manufacturer in Romania. The company has 400 employees and registers an annual turnover of EUR50 million, of which exports account for 15%.
Yioula Glassworks indirectly controls 93.4% of Stirom, through Cyprus-registered firm MGL Mediterranean Glass.