Policolor, one of the largest players on the Romanian paints and lacquers market, announced on Thursday it initiated procedures to sell the terrain on Theodor Pallady, nr 51, in the south-western part of the Capital, where it currently operates its industrial platform.
“Policolor agreed to sell its property on Thodor Pallady to a real estate developer. The sale will run over the next three years, during which Policolor will continue to operate in its current location; the funds obtained from the transaction will be directed towards developing a new platform, a project which Policolor is about to start. The platform will include new factories, for which the company is waiting on permits“, according to Marius Vacaroiu, CEO – Policolor – Orgachim.
Delivering the 13.9 ha terrain on Theodor Pallady will be done in three stages. The first portion will be freed up by the end of the year, following a second lot to be relinquished in 2015.
The third lot on the Policolor industrial platform will be released in 2017, by which time production would have already be relocated in the new headquarters in western Bucharest.
Policolor recorded a 5 percent increase in consolidated sales in the first half of this year, company representatives expecting the 5-6 percent level of growth to be maintained by the end of the year.
In 2013, the company registered a consolidated turnover of over EUR 29 million. Of this amount, EUR 24.9 million were generated by Policolor, while subsidiary Deko Professional Services had a turnover of EUR 4.4 million.