Romanian enterprise Exonia, specializing in eco-friendly paper packaging solutions, has acquired a substantial bakery complex in Iasi formerly operated by Vel Pitar group. This strategic move aims to transform the site into the most extensive biodegradable packaging production facility in Eastern Europe.

As reported by Economica.net, the initiative commands a significant investment of EUR 14 million. While the specifics of the acquisition deal remain undisclosed, sources suggest the transaction's value stood at EUR 7 million.

Further financial commitments include approximately EUR 1.5 billion for the refurbishment of the complex and an additional EUR 6 million for new equipment. This brings the total projected investment for this new factory to around EUR 14.5 million.

The Exonia group, established in the early 2000s and led by entrepreneur Tiberiu Stoian (holding a 90% stake) alongside his wife Nadia (10%), encompasses Exonia Holding, a paper packaging manufacturer. The group's portfolio extends beyond packaging, including investments in polymer packaging production and distribution, IT, real estate, and agriculture in Romania and the United States.