EBRD backs Croatia pharma company

Published: 16-May-2013
Finance

Loan will help to expand production and restructure balance sheet


The European Bank for Reconstruction and Development (EBRD) is lending €3.6m to Croatian pharmaceutical packaging producer Piramida to help it expand production and restructure its balance sheet.

The company mainly sells in former Yugoslav countries and is a regional leader in manufacturing pharmaceutical ampoules and vials. More than 90% of sales come from exports. The money will help fund a 2012-2016 investment programme including extending its production hall, buying additional production lines and installing new manufacturing technology.

Piramida CEO Kresimir Hlede said: ‘Modernisation and extension of the production plant and introduction of new ampoules and vials lines will enable Piramida to create a competitive advantage, providing greater reliability and flexibility to our customers.’

Piramida was privatised in 2001 and acquired by Netherlands-based Blue Sea Capital. Its managing partner Sasa Galic said the company would seek EU sales with the expanded output. Croatia joins the EU on 1 July 2013.

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