Daniel Guzu, the general manager and founder of the paint producer, Guzu Chim, announced on Tuesday that the name of the company had been changed to Fabryo Corporation, as part of the long-term development strategy.
"We''ve resorted to re-branding the company because our image was no longer appropriate to the development our business had registered over recent years. We want to create a corporation in the long run," says Guzu.
The move comes shortly after Sweden''s Oresa Ventures investment fund took over a 49% stake in the paint and varnish producer.
After the Oresa Ventures involvement with the company, which is one of the top three players on a highly competitive and dynamic market, the development strategy changed.
On Tuesday, Fabryo Corporation officials announced they had entered a five-year partnership with DuPont, the US giant and world leader in the production of white pigment for paint, paper and plastic.
In the wake of this partnership contract, the company will add to its product portfolio a range of teflon-based paints, following a recipe created by DuPont researchers, for the use of DuPont raw materials.
According to Guzu, this partnership will produce three new teflon-based Fabryo products, with approximately 1,500 tonnes of the new range to be sold this year.
Daniel Guzu, 37, set up the paint and varnish business in 1994 and has further developed his company, which this year banks on turnover worth 34 million euros.
Daniel Guzu and his wife are still controlling the company, holding a stake of over 51% in Fabryo.
The company''s minority shareholders Viorel Berbec and Ioan Cobzaru were also involved in the sale of stock to Oresa Ventures.
"The capital inflow from Oresa Ventures, worth 9 million euros, and the launch of new products based on DuPont advanced technology, will be the catalyst for the company''s future progress and will influence the position of the Romanian paint market," states Daniel Guzu.
This year, Fabryo projects turnover worth around 34 million euros, 36% higher than last year. The company has a network of 40 distributors countrywide.
Fabryo is the third largest producer of paint in the Romanian market, with an 18% share, according to company data. catalin.lupoaie@zf.ro
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