Adama Technologies Corp., an Israel-based company, has signed a letter of intent with a group of investors to build a line of tire recycling facilities in Romania. The project is expected to receive partial funding from the European Union, as well as various Romanian government agencies.
Adama expects revenue from the project will total more than EUR100 million (US$130.3 million) per year.
The company expects to open its first facility within the next 12 months, with three additional sites to be opened by 2012.
"The letter of intent we have signed is very important to us, and we are very happy with this achievement. Adama's cooperation with Romania and the EU marks a significant milestone in the company's goals to expand technology portfolio and open additional markets across the globe," says Aviram Malik, CEO of Adama Technologies in a release.
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