Romanian entrepreneurial company Exonia, which delivers compostable paper packaging solutions, recently acquired a large Romanian bakery complex previously managed by the Vel Pitar group in the city of Iasi and wants to turn it into the largest biodegradable packaging factory in Eastern Europe. The project involves EUR14m of investments, Economica.net reported. The terms of the deal were not disclosed, but the media learned that the value of the transaction was EUR7m.
Separately, Exonia estimates the investments in refurbishing the complex at EUR1.5m and the new equipment at EUR6m. In total, the investment in the new factory would thus be some EUR14.5m.
Exonia group, founded in the 2000s, is controlled by the businessman Tiberiu Stoian (90%), together with his wife Nadia (10%) and includes, in addition to the paper packaging manufacturer Exonia Holding, investments in the production and distribution of polymer packaging, as well as IT, real estate and agriculture assets in Romania and the US.
