Romania's Alro Group unit to invest 3.85 mln euro in packaging line

 

BUCHAREST - Vimetco Extrusion, a subsidiary of Romania's Alro Group, is investing 3.85 million euro ($4.35 million) in a packaging line for extrusion aluminium profiles, the group's flagship company Alro [BSE: ALR] said on Monday.

The investment will raise turnover and help cut CO2 emissions, fuel consumption and waste generated in the production process, Alro said in a statement filed with the Bucharest Stock Exchange, BVB.

Some 48% of the investment will be covered by a grant from Iceland, Liechtenstein and Norway through the EEA Grant Financial Mechanism 2014-2021.

Vimetco Extrusion is the aluminium extrusion business line of Alro Group.

The group is part of global, vertically-integrated primary and processed aluminium producer Vimetco N.V.

Besides Vimetco Extrusion, Alro Group includes aluminium manufacturer Alro, alumina producer Alum, bauxite mining company Sierra Mineral Holdings, holding and management company Conef, holding company Global Aluminium Ltd. and marketing services provider Bauxite Marketing Ltd.

The group's structure ensures an integrated production chain assuring the raw materials for its flagship company Alro.

Alro has an installed annual production capacity of 265,000 tonnes of electrolytic aluminium, 35,000 tonnes of recycled aluminium and 335,000 tonnes of primary cast aluminium.

Alro shares were changing hands 6.86% higher at 2.18 lei ($0.5/0.4 euro by 1552 CET on Monday on the BVB.