Schweighofer buys timber plant in Bacau

Austrian wood processing company Holzindustrie Schweighofer, controlled by businessman Gerald Schweighofer, took over Finnforest Baco Production in Bacau, with 20 million-euro turnover, from Finnish group Metsaliitto Cooperative. This is the second transaction in 12 months sealed by the Austrians on the Romanian market. In December 2008 they acquired the former IKEA plant in Siret. The value of the transaction was not made public, but, according to estimates made by consultants, it amounted to less than 10 million euros. "The acquisition of Finnforest Baco comes to supplement our operations. Our goal is to expand our product range and improve the processing. This is a step towards new foreign markets," Gerald Schweighofer said. Holzindustrie Schweighofer holds four production facilities on the Romanian market - two timber plants (one in Sebes and one in Radauti), the solid wood panel plant in Siret and a new facility in Bacau.