- Bico Industries bought 100% of Iranga Technologijos („Iranga”) company in Lituania.
- The transaction, worth 3,2 mil euros, strenghtens Bico Industries’ position on the European market and opens new markets for the company in the northern area of the continent.
- A part of ROCA Industry holding, listed on the AeRo market of Bucharest Stock Exchange, BICO Industries closes its third external market aquisition in the last two years.
Piatra Neamț, 4th of May 2023 – Bico Industries, the largest fiberglass mesh producer in Eastern and Central Europe, signed the contract for the full aquisition of Iranga Technologijos („Iranga”), from Lituania. The transaction, worth 3,2 mil euros, strenghtens Bico Industries position in top 5 fiberglass textile producers in Europe and opens new markets for the company in the northern area of the continent. For Bico Industries, a part of ROCA Industry construction material holding, listed on the AeRo market of Bucharest Stock Exchange, this represents the third external market aquision in the last two years.
Iranga operates on the construction and technical textile market, offering solutions based on a complex range of technologies for textile fiberglass production and composite materials by lamination, an activity similar with one of BICO Industries’ line of production.
The completion of this transaction is made following negociations that started during 2022. The value of the transaction is 3,2 mil euros, of which 1,6 mil euros represents the aquisition of the entire social shares, while 1,6 mil euros were allocated for the purchase of a production line, whose process of commissioning has already been completed.
„If last year, through the acquisition of Terra and Europlas Lux, we managed to consolidate our market share at the EEA level for the production of fiberglass mesh for thermosystems, now, through the acquisition of the Iranga company, we are developing a business line that addresses a B2B customer sector , in which we have been active since 2019. We profiled the market at that time starting from Iranga, and after more than 4 years, we managed to unite the resources of the two organizations, to achieve the common objective: the development of innovative solutions for the reinforcement of construction materials, thus converting all cultural barriers into competitive advantages”, Adrian Butuc, CEO BICO Industries declared.
The new company will support the increase in production capacity and the diversification of the markets in which BICO is present. Through the acquisition of Iranga, BICO Industries will increase the production capacity of technical textiles from 105 million sqm/year to 120 million sqm/year.
With this transaction, the ROCA Industry holding takes a further step towards fulfilling its expansion plans by consolidating and accelerating development through the acquisition of new companies and their transformation into regional champions.
„The acquisition, made under the umbrella of our holding, confirms ROCA Industry’s strategy to grow regional champions, which can put this long-dormant giant – the country’s industry – on the map of Europe. We congratulate the BICO management team for the sustained effort with which the company continues to grow, both organically and through the acquisition and integration processes of other companies, and we continue to support them in their efforts to expand into foreign markets”, Ionuț Bindea, CEO ROCA Industry declared. During 2022, Bico completed two other regional acquisitions: it bought 100% of the Terra group (Vulcănești Free Economic Zone, Republic of Moldova) and 55% of Europlas Lux (Ialoveni Free Economic Zone, Republic of Moldova). In the same year, BICO Industries recorded a cumulative turnover of 157.2 million lei, completed and started several investments in two of its factories: the completion of an investment project at the factory in Vaslui worth 2 million euro, the completion of another investment project in the installation of solar panels at the factory in Vaslui and the start of an investment project worth 1 million euros at the factory in Vulcănești, Republic of Moldova. As one of the most important European manufacturers, BICO operates in most of the countries of the European Economic Area and aims an accelerated development of its market share, by accessing new markets in Western, Central and Northern Europe.
About BICO Industries
BICO Industries is the largest manufacturer of fiberglass mesh in Central and Eastern Europe and is in the top 5 manufacturers in Europe. BICO Industries, which also incorporates Terra, Europlas and Iranga Technlogijos, has over 450 employees and five production centers: in Piatra Neamț, Vaslui (Romania), Chisinau and Vulcănești (Republic of Moldova), Vievis (Lithuania). The company’s production capacity is 120 million sqm/year, with a product portfolio consisting of fiberglass mesh for thermosystems and industrial products, polyester fiber mesh for industrial products, laminated fiberglass reinforcement and cornering from PVC and aluminum.
About ROCA Industry
ROCA Industry, listed since January 2021 on the AeRO market of the Bucharest Stock Exchange under the symbol ROC1, owns, directly and indirectly, a number of 7 companies – performers in the specific sectors of activity: BICO Industries (the largest producer of fiberglass mesh from the CEE and in the top 5 European manufacturers), Sarcom (one of the largest players in the paint and varnish production industry), Eco Euro Doors (the largest Romanian manufacturer of doors for residential construction), Dial (product manufacturer of metal wire), as well as fiberglass producers Terra, Europlas and Iranga Technlogijos through BICO Industries.