Romanian film extruder and PVC compounder Prodplast is planning to sell its minority share in Romtatay SA. Bucharest, a joint-venture plastics moulder of consumer products.
Shareholders of family-run Prodplast, based in Bucharest, Romania, agreed on 18 April to the disposal of the firm’s 45.5% stake in Romtatay which is a national leader in manufacturing bathroom products and fittings.
Prodplast has owned the joint operation, also located in the Romanian capital, in partnership with the Spanish company Plasticos Tatay, based in Barcelona. Founded in the 1930s, it makes a range of plastics and metal household, bathroom and garden products.
The Spanish/Romanian joint venture Romtatay, formed in 1992, has a 4,000m2 plastics moulding plant in Romania’s capital equipped with 12 injection moulding machines. It is also Romania’s sole distributor of Tatay products.
Prodplast’s shareholders, meeting last week, agreed to the firm’s managing director Tudor Georgescu seeking and negotiating the share sale with a suitable buyer.
Meanwhile, the Prodplast shareholders also backed the company’s plan to establish a new production plant in the community of Buftea, just outside Bucharest. The firm intends to switch its PVC compounding and film extrusion there from its city centre site.
The project, with investments estimated at around €2m, involves a 35,000m2 plot of land and buildings Prodplast acquired last year from the Greek-owned packaging company M J Maillis Romania.
Moving production to the new site will be a gradual process, according to Georgescu. But the switch should be completed by August this year.
Prodplast, which is quoted on the Bucharest Stock Exchange, produces a range of PVC compounds for use in electrical cables, injection and extrusion processing and for rigid compounds. It makes PE films for the agriculture, construction and shrink film packaging markets.
Apart from serving the Romanian market, the firm also exports to 25 countries on four continents of the globe.