Proges pays 6m euro for 10 stores

Oradea-based Proges, which specialises in the distribution of interior decoration materials, is set to complete a logistical centre that will cover 50,000 square metres close to Oradea next year, with investments worth 20 million euros. Construction works started in the first quarter of the year, and are part of the company’s strategy to expand its distribution and storage facility network. Proges estimates turnover worth approximately 80 million euros this year, double last year’s level. “In the first half of the year, turnover was up 80% against last year, amid an increase in the network and an expansion of our portfolio of corporate clients,” said Razvan Pitaru, regional manager within Proges, in charge of the whole Muntenia region. The company’s expansion strategy involved the acquisition of ten stores this year from Bucharest-based EEP (East European Partner), a PVC and carpet distributor, for six million euros. In March, Proges took over EEP retail operations, a leading player in the PVC and carpets industry in Romania, with the transaction estimated at around 6 million euros.