Zaharul Oradea invests 2m euros

Zaharul Oradea, a company of the Cristal Union German group, will invest two million euros this year to modernise its production facilities so as to reduce power consumption. “We are getting ready to face the competition that is to emerge on this market after Romania joins the European Union. Currently, sugar is an unprofitable business, but in the long run, after Romania”s integration, we believe the investment will be amortised,” Corneliu Pentilescu, general manager of the Oradea-based plant, told Ziarul Financiar. Over recent years, the Oradea-based company has invested around 6 million euros to boost its productivity and to create new packaging. Zaharul”s representatives estimate this year”s turnover to be similar to last year”s, namely 27 million euros. “There is no profitable sugar plant in Romania at present, since the market is immature, sensitive to cheap imports of white sugar and dominated by the price factor, but we anticipate the plant in Oradea will become profitable in 2006,” said Pentilescu. ZF