CEC Bank granted a financing of around 4 million euros to the company Pet Star Holding, one of the most important producers of PET preforms in Romania and the Balkans area, in terms of production volume and variety of formats. The financing benefits from a state guarantee granted by Exim Banca Romaneasca.
“We are pleased that through the facility granted we can continue to support an innovative Romanian company that understood the benefits of the Circular Economy and the need to optimize the consumption of resources. Romanian capital has the strength to create strong companies in the region, and Exim Banca Romaneasca can support them by continuing to honor its commitment to propose smart financial solutions that ensure resources adapted to economic realities”, said Traian Halalai, the executive president of Exim Romanian Bank.
“We are glad to be able to support the development of a domestic producer of PET preforms with a strong regional influence. CEC Bank supports the development of private capital in Romania and we believe that it must be the engine of the economy in terms of added value and impact on the labor market. We want to be the home bank of Romanian entrepreneurs,” said Laura Mihai, director of the Large Clients Department at CEC Bank.
“The partnership with CEC Bank and Exim Banca Romaneasca facilitated the financing of our current activity and we were able to focus on developing a new investment in the Pet Star Group, which involved the vertical integration of our business. In 2019, the group started a greenfield investment in the company Pet Star Recycling, to produce rPET granules and PET flakes from PET waste recycling, using the “Bottle-to-Bottle” concept, where we have already invested EUR 30 million. Pet Star Recycling has a complete role as a recycler in the Circular Economy stream, being the only recycler in Romania capable of treating in the same factory, and perfectly integrated as production flows, post-consumer PET waste in the country. We do not buy flakes ready sorted and washed by other economic agents in order to then only do the regranulation process. No, we do cleaning in Romania literally, by recycling PET waste and we do it using European, modern, and innovative technologies in the field of recycling, fully meeting all the standards for the purification of food contact materials imposed by the European Union. Through the new investment, we can support Pet Star Holding to reduce the amount of virgin PET granule imported (raw material that is not produced in Romania), thus ensuring independence from imports, by capitalizing on a national resource”, pointed out Mirela Dragoi, CEO & Co-Founder, Pet Star Group (Pet Star Holding & Pet Star Recycling).
