Following the transaction, Wetterbest increased its ownership in the company to 100% from 51%.
“The acquisition of Cortina WTB is part of the growth process of TeraPlast Group. Wetterbest is one of the companies that significantly contributes to the group’s turnover and this acquisition enables us to uphold the consolidation and expansion strategy of the distribution chain and the customer portfolio, both locally and regionally”, stated Dorel Goia, Chairman of TeraPlast Board of Directors.
Cortina WTB, headquartered in Podari (Dolj County), is one of the leading metallic tile producers and distributors in the south-west area.
Wetterbest is the second largest metallic tile producer in Romania, by quantity and value. Currently, the production is operated on 40 automated production and packaging lines at three locations – Baicoi (Prahova County), Podari (Dolj County) and Saratel (Bistrita Nasaud County). This investment adds to the EUR8.4 million investment in expanding the production capacity and relocating the factory in Baicoi.
In January-June 2019, Wetterbest saw a 28% increase in turnover, to RON105 million, compared with over RON82 million in the same period in 2018. The company’s profitability grew 22% versus the year-earlier period, with its EBITDA exceeding RON5 million.
TeraPlast Group targets investments of over RON109 million in 2019, in expanding the production capacities, modernizing its equipment, as well as maintaining and diversifying the portfolio of products.