Romanian manufacturer of plastic construction products TeraPlast Group has said the European Commission has given its official clearance to sell off two of its steel businesses to Ireland-based Kingspan Group.
TeraPlast. Credit: TeraPlast
Credit: TeraPlast
The Competition Authority approved the sale of TeraSteel and Wetterbest to Kingspan on January 12, according to a statement released by TeraPlast.
Another deal for a third company, TeraSteel Serbia, is still awaiting approval by the Serbian competition authority, which the group expects to receive in mid-February.
TeraPlast announced the €85 million deal for its steel business - which comprises the three distinct companies - in July 2020.
TeraSteel is the leading company in the production of sandwich panels on the Romanian market and along with its Serbian counterpart is one of Central and Eastern Europe's top exporters. Wetterbest is the second-largest producer of metallic roof tiles in Romania.
Kingspan Group is a building materials company based in Ireland trading in 70 countries with 159 factories and employing over 15,000 people. The company is listed on Euronext Dublin and the London Stock Exchange.
The TeraPlast Group product portfolio comprises several business lines: installation, PVC joinery profiles, compounds, thermal insulating panels, windows, doors and metallic tiles. The group's seven companies are TeraPlast SA, TeraSteel Romania, TeraSteel Serbia, Wetterbest, TeraGlass, TeraPlast Recycling and TeraPlast Hungary.
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