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[October 2008]
Cersanit to Build Tile Plant in Romania
Polish bathroom fittings maker Cersanit SA will build a ceramic tiles plant in Romania to boost capacity by 17% and limit the impact of the strong Polish zloty, its supervisory board head was quoted as saying on recently.
"Romania is one of our home markets," Cersanit's supervisory board head Artur Kloczko told newspaper Parkiet. "We can't yet give the exact sum of the investment, but it's going to be hundreds of million of zlotys."
Cersanit bought land near Bacau in eastern Romania for the plant for €15 million (around $21.2 million) from Polish floor-panels maker Barlinek. Both companies are controlled by Michal Solowow, a well known Polish entrepreneur.
Cersanit sells a fifth of its production in dollars and its results suffered after the dollar sank earlier this year. This move is one of a number of initiatives taking Cersanit production into other countries in the region.
ENDS