Medias-based glass manufacturer Geromed posted losses worth some 270,000 euros last year, after more than seven consecutive years of profit, according to results published in the Official Gazette. In addition to that, the company posted a turnover worth some 8.4 million euros last year, an approximately 65% drop against the previous year. Geromed had to close down its furnace last year as a result of the increase in the price of methane gas. Following this decision, the company started to manufacture wall tiling and floor tiling-like glass plates in June 2005. The glass industry was strongly hurt by the high price of natural gas and by the appreciation of the domestic currency, with six glass manufacturing plants being forced to shut down their operations. Despite the collapse in the glass industry, several foreign investors, among which Saint-Gobain (France) or Yioula Glassworks (Greece), have decided to invest on the local market. Saint-Gobain has started a greenfield investment worth 100 million euros in Calarasi, and the Greeks at Yioula have announced investments worth 50 million euros in the Stirom plant in Bucharest.
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