Barlinek S.A. completed the acquisition of Diana Forest by paying approx. EUR 21 million for 99.9% of that Romanian company. The investment is financed mainly through credit.
Diana Forest is about to resume production to reach the annual capacity of 2.2 million m2 of floorboard in spring 2009. This will result in production capacity of Barlinek reaching approx. 12 million m2 by that time. A decision will be made within the next few months on whether the remaining product lines (wooden doors, windows, glued items) will be still produced and whether the skirting board production will be launched there.
The investment plans in Russia are changed now. “This is due to the completion of the acquisition process in Romania. It would be very difficult to run two similar projects at a time as regards organization and logistics” says M. Gromek, Chairman of the Supervisory Board of Barlinek S.A. Another floor production plant was to be erected at Czerepowce, Russia but, finally, a plywood production plant will be constructed there. The investment will be co-financed by EBOR. “We will start the construction any moment now. The production should begin in the second half of 2009” adds M. Gromek. Part of the plywood produced will be used by Barlinek for their own needs. If the decision to erect a floor production plant in Russia is taken an issue of a limited number of shares will be considered.
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