This sustainable business development project, which takes place between July 2021 and June 2023, has a total value of EUR3.85 million and its main objective is to apply innovation in one of VE’s main processes.
Thus, the company will acquire an automatic packaging line for the extruded aluminium profiles to increase competitivity by applying “green steps” for the extruded profiles production. This project will benefit from a grant of EUR1.85 million (48% of the project value), from Iceland, Lichtenstein, and Norway through the EEA Grant Financial Mechanism 2014-2021 under the program “SME Development in Romania,” area of interest: Green Innovation in industry, Blue Growth, and ICT.
“Companies can build a sustainable future only by investing in the present, with consistency and consideration for all stakeholders, and Vimetco Extrusion successfully integrates this principle in its operations,” said Marian Nastase, Chairman of the Board of Directors, ALRO. “Vimetco Extrusion proves through its investment program that it embraces a sustainable, predictable business model applying the highest standards in day-to-day activities and product manufacturing that remain key elements of its business,” added Nastase.
Through this investment, Vimetco Extrusion takes further steps to increase the added value offered to its stakeholders. It also represents proof of sustainably using the available natural resources, reducing energy consumption rates, and increasing operational efficiency while diversifying its portfolio of customized solutions offered. Moreover, the project’s results consist of growing the company’s turnover and reducing the CO2 emission, fuel consumption and waste generated in the production process.
“Innovation and collaboration are the main forces that determine the sustainable development of any company, and this is why we will continue to invest in technology along with partners who share our values and vision, such as Innovation Norway,” said Igor Higer, Chairman of the Board of Directors, Vimetco Extrusion. “Therefore, we will keep our focus on investments in state-of-the-art technologies that use and capitalize efficiently on the company’s existing resources,” added Igor Higer.
Vimetco Extrusion will continue developing and ensuring a diversified portfolio of solutions in compliance with all environmental protection standards through continuous investments in every area of its activity.
Innovation Norway is the Norwegian Government’s most important instrument for innovation and development of Norwegian enterprises and industry and the Government’s official representative abroad. The grants provided by Innovation Norway operate during funding periods, and for 2014-2021 the funding amounts to EUR 2.8 billion. It covers areas like climate change and energy, innovation and sustainable business development.
Alro Slatina ended the first nine months of 2021 with a turnover of RON2.5 billion, up 27% on the year, but the net result was loss of RON25 million, compared to a net profit of RON273 million in the same period in 2020, in line with the company’s quarterly financial report.
The company, with a stock market capitalization of RON1.4 billion, is 54.2% owned by Russia’s Vimetco, while Paval Holding, the investment vehicle of Paval brothers, the owners of do-it-yourself retailer Dedeman, owns a 23.2% stake. Property restitution fund Fondul Proprietatea holds 10.2% of its share capital.