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Corrugated cardboard and tissue paper manufacturer Vrancart announced that it is implementing a 17 million euro greenfield waste recycling project.
"The Vrancart group of companies continues its development strategy in 2021 through a greenfield investment amounting to a total of 17 million euros. For this project, Vrancart applied for and obtained a state aid of 8.3 million euros. The project will be carried out by a new company - Vrancart Recycling - and aims to strengthen Vrancart group's position in the waste collection and recycling market, where it has been operating for over 10 years now as a national leader," the group said in a release today.
The new company will include business lines for the recycling of waste types complementary to those currently recycled, such as plastic and wood waste, obtaining moulded waste paper and cardboard products, industrial ash recycling, and industrial waste energy recovery.
"Vrancart's investment will have a major impact on the local community by creating jobs (both in the production facility and in the area of collaborators and supplier companies), but especially by increasing the waste collection and processing capacity under the national recycling strategy, in accordance with European requirements and standards," said Ionel Marian Ciucioi, CEO and Chairman of the Vrancart SA Board of Directors.
The Vrancea pulp and paper mill (CCH) was established in 1977 and changed its name to Vrancart in 1992. Since 2005 it is listed on the Bucharest Stock Exchange, and as of 1999 SIF Banat Crisana is its majority shareholder. The Dedeman group of companies joined the group's shareholders in 2020 with 17 percent of the stake.
The group's consolidated turnover in 2020 is estimated at approximately 75 million euros.
