TeraPlast Completes Sale of Steel division to Kingspan
Romanian construction materials manufacturer TeraPlast announced that it has completed the sale of its steel products division to Irish group Kingspan and cashed EUR 76.6 million on February 26. TeraPlast Group had reached and signed an agreement with Kingspan Group PLC regarding the sale of its steel division on 24 July 2020. The transaction relates to the entire shareholdings of TeraPlast SA in subsidiaries TeraSteel SA, TeraSteel DOO Serbia and Wetterbest SA. TeraSteel is the leader of the Romanian sandwich panels market and, together with TeraSteel Serbia, is one of the top exporters on the CEE market. Wetterbest holds the second position on the metallic roof tiles market in Romania.
Following the sale, TeraPlast Group continues its activity through TeraPlast, TeraGlass, TeraPlast Recycling, TeraPlast Folii Biodegradabile, and Somplast, with a strong focus on the plastics products, a field with excellent growth potential.