The company will be acquiring new machinery for $7.5 million and accessed EUR144,000 EU funding for a down payment, company officials said.
Turbocam Romania had sales of $4 million last year and estimates its manufacturing output will grow by 30-40% after it acquires new equipment.
The company, which manufactures blades and vanes for steam and gas turbines used in the automotive and aerospace industries, is located in Mures county, central Romania, and currently has 60 employees.