The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Wood And Paper Materials Manufacture Of Wood And Of Products Of Wood And Cork, Except Furniture; Manufacture Of Articles Of Straw And Plaiting Materials 16.21 - Manufacture of veneer sheets and wood-based panels
700 jobs Number of planned job creations
Announcement Date
16 October 2006
Employment effect (start)
Foreseen end date
31 December 2007
Description
On 14 November 2005, the European Bank for Reconstruction and Development - Banca Europeană de Reconstrucţie şi Dezvoltare - announced that it would finance a project of the Austrian Group Egger to build several timber processing factories in the Suceava county. At that time the company announced that the investment project would be carried out with another Austrian Company, Holzindustrie Schweighofer totalling about EUR 500 million.
The prefect of Suceava county, Orest Onofrei, declared it would be the largest foreign direct investment in Romania in the last 15 years, involving the construction of several timber processing factories. The financing agreement between the European Bank for Reconstruction and Development and the Austrian company Egger for the first part of the investment in Suceava county was signed on 21 December 2005, in the presence of vice prime minister George Copos and the minister of agriculture Gheorghe Flutur. The agreement involves the construction of several factories to manufacture laminated parquet flooring and particle boards.
The particle board production plant that Austrian group Egger intends to build in Suceava county (Nord-Est region) will be 60% funded by the European Bank for Reconstruction and Development, EBRD. ‘In the first phase of the project the Austrian company will invest EUR 210 million, with the total value set to reach EUR 500 million’, Onofrei stressed. 'The investment is to create 2,000 new jobs directly and at least 8,000 jobs indirectly', added Onofrei at that moment.
In October 2006 the representatives of Egger company announced that the construction of new plant at Radauti (Suceava County) has started and confirmed that the investment costs would amount to EUR 210 million.
The production is to be launched at the end of 2007. The new site will create 700 new jobs and will produce about 600,000 cubic meters laminated parquet flooring per year with annual turnover of EUR 150 million.
Eurofound (2006), Egger Romania, Business expansion in Romania, factsheet number 62675, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62675.
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