Businessman George Paunescu, who indirectly controls Arad-based furniture manufacturer Imar, will invest over 4 million euros in a new plant this year, an investment which will increase the company's production capacity by 50%. "Last year, Imar posted sales worth 9 million euros, and in 2008, we expect a 15% increase on 2007," said Flavio Frola, Imar's executive manager. Imar exports 85% of its production to countries such as Italy, Belgium, Sweden, Russia, Ukraine, Kazakhstan and Georgia. Deliveries to foreign countries contribute 7.5% to the producer's revenues. "The share of exports will be preserved this year, but we will also try to tap into the US market. Additionally, we will extend our presence on the domestic market," added Frola. Among the main problems faced by the company last year, Frola cited the increase in costs of raw materials, the devaluation of the RON, and the increase in utility prices. Over the last few years, exports from the furniture industry have been hurt by unfavourable developments on the forex market, which has caused bankruptcies and massive layoffs. The leading furniture manufacturers in Romania include Mobexpert, Elvila, Silvarom, Alprom, Staer, and Neoset, which battle over a 1.1 billion-euro domestic market, which is increasing at an annual rate of 10-15%.
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