Romanian industrial group TeraPlast Group has announced that it has completed the sale of its steel division for RON 373 million ($92.26 million) to Ireland-based Kingspan Group. Accordingly, Kingspan Group has taken over TeraSteel Romania, TeraSteel Serbia and Romania-based Wetterbest.
TeraPlast will submit a proposal to award a special dividend from the transaction’s profit. Following the transaction, the company will focus on developing its plastic division, investing RON 165 million this year, 25 percent of its budgeted turnover for 2021.
For 2021, the budgeted turnover of the company is RON 636 million, 60 percent more than that of 2020.