Spanish group to open plant in Romania -->
Feb. 20--BUCHAREST -- The European Bank for Reconstruction and Development (EBRD) grants a 5 million euro loan to Grupo Industrial Roquet, a Spanish producer of hydraulic components, to co-finance the development of a greenfield plant in Romania, shows a press release remitted to Agerpres.
The unit in Romania will be the first the Spanish Group opens abroad.
'Romania was chosen because of its competitive advantages. Construction of the greenfield plant is scheduled to start in April 2014 and production is planned to begin in 2015,' the cited release mentions.
In the Romanian plant, Roquet will produce larger diameter cylinders used in capital goods applications, mainly agriculture and constructions machinery.
'The EBRD is proud to support this investment which is a vote of confidence in Romania as a destination for foreign direct investment and a confirmation that Romania offers attractive conditions for investors. The EBRD is keen to support Roquet's investment as it represents the kind of investment which is crucial for the sustainable and long term development of the country's economy,' James Hyslop, EBRD Director, Romania, said.
In his turn, Cipriano Gomez, CEO Roquet Hydraulics, said: 'For our company, founded in the 1950's, this is a giant step to gradually becoming a global player. When we studied various sites for investment we realised that Romania offered many of advantages, among them a very positive business atmosphere. The EBRD's strong support was the decisive factor for our decision to set up our new factory, which also is our first abroad, in Romania. We are confident that from this industrial base near Ploiesti we will be very successful in expanding our product range and market penetration.'
Grupo Industrial Roquet produces highly specialized foundries gear pumps, hydraulic cylinders, control valves and various components for hydraulic applications, serving industries like construction and agricultural mobile equipment, transport, logistic elements and machine tools in four factories in Spain.
The loan is being provided under the Local Enterprise Facility, a 400 million euro facility for investments in enterprises in Albania, Bosnia and Herzegovina, Bulgaria, Croatia, FYR Macedonia, Kosovo, Montenegro, Romania, Serbia and Turkey, as well as countries in the southern and eastern Mediterranean region (Egypt, Jordan, Morocco and Tunisia).
Since the start of its operations in Romania the EBRD has invested approximately 6.64 billion euros across over 356 projects in Romania and has further mobilised over 14 billion euros for these ventures from other sources of financing.
(c)2014 Agerpres, Bucharest, Romania
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