HiLo-PSS Group's investment in the development of its four hectare Rasnov Industrial Park in Brasov, Romania, is bearing fruit with the company today announcing it has leased a second factory unit to Picanol SA, one of the world's leading manufactures of air-jet weaving machines and associated control electronics. With the Rasnov Industrial Park now achieving 85% occupancy, with just a single 3,300 square metre unit still available for rent, HiLo-PSS is proceeding with the sale of the Park for which several offers have been received over €15 million.
Commenting James Delap, Chief Executive of HiLo-PSS Group says: “The sale of our Romanian property will enable us to finance our continuing growth throughout Europe whilst we re-establish our service levels in the UK market. Customers in the UK will now start to benefit from a unique combination of low cost high quality product sourced from Romania together with more complex or quick turn-around projects through our Swindon facility”.
Once the sale of the Rasnov Industrial Park is completed, HiLo-PSS will lease back its12,000 square metre factory. Over the past two years it has invested €12 million to turn the facility into one of the most modern in Europe. Now fully functional, it is supplying storage systems to both the UK and South East European markets.
“Establishing our new facility in Romania has stretched our Group in all kinds of ways”, continued James Delap. “However, we are now reaching the point where the quality and service levels achieved by our Romanian factory are able to meet and exceed our customers' high expectations. The sale of our Romanian property portfolio is at the final stage in this process. It will enable the Group to enter the New Year having repaid all the debt incurred from the acquistion of Planned Storage Systems and investment in Romania.”
Centrally located within the fastest growing region of Europe, the Rasnov facility has been purpose built and equipped to provide customers with world-class manufacturing. Comprising of Gasparini rolling mills, slitting and cold rolling facility, paint plant and accessory production plant, the state-of-the-art facility ensures HiLo-PSS Group's position in the forefront of racking and shelving manufacture in Europe.
“We have experienced some challenging times over the recent months”, concluded James Delap. “However thanks to the support of our Romanian and British banks, customers, suppliers and staff we are looking forward to an exciting and prosperous future.”
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