$20m glass and ceramics holding

Bistrita-based glass company Art Glas Concept acquired a company from the same field, Cristiro, under a transaction estimated at almost one million dollars.The main shareholder of Art Glas is Constantin Moraru, a Romanian-born businessman who emigrated to the United States and who also owns Medias-based window producer Geromed. Moraru will thus control several businesses in the glass and ceramics industry, with annual sales of above 20 million dollars. “The transaction is finalised and the company’s General Meeting of Shareholders will appoint a new board,” Constantin Moraru told Ziarul Financiar. He also mentioned that the transaction was worth more than one million dollars. These transactions also comprised a fourth company. Last month, Geromed bought a $2 million stake into porcelain plant Iris Cluj, which had filed for bankruptcy. Why did Moraru acquire these firms? “I own a glass products distribution company in the United States, which I intend to expand and we want to export more Romanian products to the US market,” he explained. ZF