Toma, Romet Buzau: I exited Superlit as it was a secondary business

Constantin Toma, owner of Romet Buzau group, with 190m-euro annual turnover, early this year sold the 40% stake he held in Superlit Romet plastic pipe producer to Superlit Turkish group, but the two sides chose not to disclose the value of the deal. Romet and Superlit in 2008 built a glass reinforced plastic (GRP) piping plant in Buzau in the wake of 10m-euro investments. "We decided to sell Romet group's stake in Superlit Romet as the business was a secondary one for us and at the same time the Turkish majority stakeholder requested the purchase as it wants to double production capacities in Buzau to sell in all EU countries," states Toma. "The money generated from the sale of stock is used for the firm's day to day operations. Romet group's investments in Superlit Romet business amounted to some 4m euros," maintains Toma. The Turkish group plans to boost Buzau plant's capacity by yearend in the wake of a further 10m-euro investment. Romet for this year budgeted a 12% increase, to 870m RON, on rising sales of metallic works and products destined to the water industry.