BUCHAREST (Romania), May 24 (SeeNews) - Greek commercial refrigeration and glass packaging solutions manufacturer Frigoglass said that it expects to complete the reconstruction of its fire-damaged plant in Timisoara, western Romania, in the first quarter of 2023.
Reconstruction works for the plant began in May, Frigoglass said in a presentation published on its website last week.
At the end of March, Frigoglass received 25 million euro out of the 42 million euro reimbursement of the property damage claim from the co-insurance scheme. In May, the company received 2.8 million euro out of the remaining 17 million euro related to the reconstruction phase of the building and the purchase of equipment.
Although the business interruption claim is expected to be settled within the second quarter of 2022, the company has already received a 5.5 million euro advance payment in April, Frigoglass added.
Last June, the company said that it had to stop production at its beverage coolers plant in Timisoara due to a fire.
Headquartered in Athens, Frigoglass is active on the ice cold merchandisers market and is the main supplier of glass packaging in high growth markets of West Africa.
The company has been present in Romania since 1994 and employs 1,042 at the non-domestic cooling and ventilation equipment plant in Timisoara, according to data posted on the Romanian finance ministry's website.