“It (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 ($21.2 million) from Polish floor-panels maker Barlinek. Both companies are controlled by Michal Solowow, one of Poland’s richest businessmen.
Cersanit sells a fifth of its production in dollars and its results suffered after the dollar sank earlier this year. It has scrambled to protect its bottom line by moving production abroad. (Reuters)
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