On 12 January, the European Commission approved the sale of TeraSteel and Wetterbest to the Kingspan Group. The TeraPlast Group was informed of this approval by the lawyers who handled the notification of the transaction.
Completion of the transaction also requires the approval of the Serbian Competition Commission. The group expects to receive this opinion in mid-February.
Upon receipt of the opinion from the Serbian authorities, the value of the transaction will be established and paid.
On July 24, 2020, the TeraPlast Group announced the sale of the Steel division to Kingspan Group. The Steel Division of the Group includes the business lines operated by TeraSteel SA (Romania), TeraSteel D.O.O. (Serbia) and Wetterbest SA (Romania).
Two other transactions of the TeraPlast Group are awaiting the approval of the Romanian Competition Council. These aim at the sale of the carpentry business profile line of TeraPlast SA, respectively the acquisition of the majority package of the flexible packaging manufacturer Somplast SA.