Alina Oprea • 9 January, 2024 at 12:36 PM
Romcarbon Buzău, manufacturer of plastic packaging, announced that it signed a memorandum of understanding with Swancor Holding Co.Ltd for the development of a new recycling activity. The Romcarbon company is listed on the Bucharest Stock Exchange (BVB) and has a capitalization of RON 105.12 million (€21.02 million). The company is a plastics processor with experience in processing polyethylene, polypropylene, PVC, and polystyrene.
"Romcarbon SA informs the market about the signing of an agreement (Memorandum of Understanding) with Swancor Holding Co.Ltd. for the development of a new recycling activity. The collaboration with Swancore aims to develop the activity of recycling thermosetting materials on the territory of the European Union", it is stated in an announcement sent to the Bucharest Stock Exchange (BVB).
Founded in 1992, Swancor is a technology-oriented company with factories in Nantou, Shanghai, Tianjin, Jiangsu, and Malaysia that focuses on innovative research and development. The Swancore group of companies is mainly engaged in the production of fine chemical composites and carbon fiber, its products being supplied to more than 30 countries.
"Romcarbon's participation in this partnership is part of the company's efforts to develop its recycling activity and align it with the principles of the circular economy. The company has expanded/intensified its efforts to scale up its current recycling activity as European and global decarbonization targets have been defined. Thus, the collaboration with Swancor is a natural step, in the context in which the signs of climate change have become visible and the reduction of carbon emissions is no longer only an environmental problem but also has a solid economic impact, all industries aiming for net zero emissions and towards a sustainable operation", mentions the company.
In the first nine months of 2023, Romcarbon had revenues of RON 229.98 million (€45.99 million), down 20% compared to the same period in 2022. The company had a loss of RON 906,030 (€181,206) in the January-September period, compared to a profit of RON 13.4 million (€2.68 million).
The main companies with production activities of the Romcarbon Group are Romcarbon SA and Livingjumbo Industry SA, holding 82% and 14% respectively of the total fixed assets. The group also includes companies providing other activities: RC Energo Install SRL, Infotech Solutions SRL, Recyplat Ltd Cyprus, and Eco Pack Management SA.