Italian-based adhesive and construction materials producer Mapei has acquired an adhesive manufacturing plant from Bulgarian company Orgachim – Policolor for an estimated €3.5 million.

“Mapei products were already into the mainstream in Bulgaria through local selling points, but the acquisition of the facility assures us a solid and constant presence in the local market. The acquisition will also unable us to serve the construction materials market in Romania. We expect a considerable growth in turnover in Romania this year”, said Veronica Squinzi, strategy and development director of the group.

The Italian company paid around €3.55 million for a 15,500 sqm plant boasts five facilities and equipment for dry mortar production, according to data posted on the Bulgarian company website.

The plant acquired by Mapei was held by Orgachim – Policolor, whose majority shareholder is local manufacturer of paints and varnishes, Policolor.

Shareholders of Policolor are the investment funds RC2, Romanian Reconstruction Limited and Romanian Investment Fund (RIF) based in Cyprus.

Policolor reported a turnover of €53.6 million in 2008 and a loss of €2.8 million, according to data posted on the website of the Ministry of Finance.