Procter & Gamble injects EUR 32 million in Timisoara plant share capital
„This capital increase is part of the implementation stage of the 100 million dollar investment in the new factory in Urlati, which is a work point of the detergent producer,” said Maria Sur, Procter & Gamble Romania external relations manager cited by daily Ziarul Financiar.
The increase in the share capital will be operated by cash contribution fully subscribed by company majority shareholder Procter & Gamble Marketing Romania, which is entirely owned by Procter & Gamble Eastern Europe.
After this operation, the capital of the company registered in Timisoara will reach 66 million euros. Company shareholders approved in July the rise in capital by issue of 54.2 million shares with a face value of 2.5 lei.
‘Detergenti SA’ is the first production unit of P&G in Romania, which took the plant over from the state in 1995.
In February this year P&G kicked off in Urlati its first Romanian greenfield project, which will be the company’s largest shampoo factory. Until its commissioning next spring, the Urlati-based facility will employ about 150 people. The first development stage of the new unit entails 50 million U.S. dollars of investment.
The second development stage is scheduled for 2010 and will require an injection of another 50 million euros in the Urlati industrial park.
On the local market, P&G is the largest player in the FMCG non-food industry, with annual sales of 315 million euros, and the biggest competitor of Unilever.
The Timisoara facility produces detergents Ariel, Tide, Bonux and bleaching agent Ace.
The P&G local hair care product portfolio includes the brands Pantene, Head & Shoulders and Wash & Go, and the company’s major competitors in this market segment are Unilever, Nivea, L’Oreal, Johnson & Johnson or Garnier.