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Aluminum joinery market can reach EUR 75 milllion this year

Wednesday, July 31, 2019

The local aluminum joinery market will grow by up to 10 percent by the end of the year, to an estimated value of EUR 75 million, reaching the maximum potential of the years after the 2008 crisis, according to Reynaers Aluminum Romania representatives. At the same time, by mid-year, the company’s turnover had exceeded the target set for this period, as Reynaers Romania has been running an extensive investment plan to strengthen its position in the industry. In 2018, Reynaers ...

Reynaers Romania’s turnover exceeded 2019 targets by mid-year

Wednesday, July 31, 2019

The ascendant trend of the construction market as well as the customer orientation towards premium solutions led Reynaers Romania to register a turnover growth over 18 percent last year compared to 2017, which was 8 percent above forecasts. For 2019, Reynaers Romania had estimated a 10 percent increase in turnover, but the business has already exceeded expectations for this time span within the first half of the year. The high growth rates are driven by an investment plan aimed at ...

Facilitec Romania, sold out to Momentum Capital

Wednesday, July 31, 2019

Facilitec operating on the facility & property management market, owned in Romania by the Spanish entrepreneurs Diego Stuyck, Tomás Manjón and David Tortosa, has been sold this month to Momentum Capital, a company controlled by the Romanian entrepreneur David Canta. At present, Facilitec has complex ongoing projects in property and facility management services for the luxury residential segment and ...

Number of foreign-owned newly established companies, up 0.05pct in Q1, share capital down 75.3pct

Wednesday, July 24, 2019

The number of newly established companies running on foreign capital decreased in the first half of 2019 by 0.05 pct, compared to the same period of the previous year, to 2,857 units, according to data centralized by the National Trade Register Office (ONRC).These new companies had a subscribed capital amounting to an aggregate of 8.64 million US dollars, down 75.3 pct from January-June 2018.According to the cited source, between 1991 and 2018, 221,334 ...

Abris invests in Global Technical Group

Wednesday, July 24, 2019

Abris Capital Partners, the Central & Eastern European private equity fund manager, has signed an agreement to acquire a majority stake in Global Technical Group, an end-to-end building management solution provider in Romania. Abris will partner with the two founders Fadi Rida and Mihai Stanescu to grow the operations of the Group and further expand in the region. The transaction is conditional upon securing clearance from the anti-monopoly ...

Eurolines sells its tourism services to German DER Touristik Group

Wednesday, July 24, 2019

Eurolines Group, controlled by Romanian entrepreneur Dragos Anastasiu, will sell its tourism services – tour-operator, retail, business travel and incoming – to DER Touristik Group, part of the German group Rewe. Eurolines’ tourism services are currently operated through three distinct companies, Touring Europabus, Danubius Travel and Nova Travel. The transaction, signed by the two groups in Romania and also approved by the ...

RE / MAX Romania extends its network with three more offices

Wednesday, July 24, 2019

RE/MAX Romania has expanded its network, adding three new offices – RE/MAX Partners in Cluj, RE/MAX Quality in Sibiu and RE/MAX Prestige in Targu Mures. Currently, the company’s portfolio totals 53 offices and over 400 members at the national level, a press release sent to ACTMedia informs. Alexandra Joldes, Broker/Owner at RE/MAX Partners, said that the company’s education system was one of the most ...

STUDY: Owners of family businesses want to maintain control, do not trust succession plans

Wednesday, July 24, 2019

Retaining ownership of the business is one of the key elements of family businesses long-term goals, yet only 41% of them feel confident in their succession plans, according to Deloitte’s latest edition of Global family business ...

Number of companies that suspended their activity in January-June 2019 down by 20.97 pct

Wednesday, July 24, 2019

The number of companies that suspended their activity in January-June 2019 went down by 20.97 per cent, compared with the same period last year, to 7,601, according to data released by the National Trade Register Office (ONRC).A number of 964 companies suspended their activity in June.Most companies that suspended their activity in January-June 2019 are from Bucharest, 739 respectively, by 36.4 per cent less compared with the same period last year, ...

European Commission approves Vodafone’s takeover of UPC

Wednesday, July 24, 2019

The European Commission approved a USD 21.8 billion (EUR 18.6 billion) transaction in which the British mobile operator Vodafone Group Plc will take over the cable operations of Liberty Global Plc in the Czech Republic, Germany, Hungary and Romania. The EU executive underlines that its approval is conditional on full compliance with the commitments offered by Vodafone. “In a modern society, access to cheap and ...

ONRC: Numer of dissolved companies down 10.47pct in Q1 2019

Wednesday, July 24, 2019

The number of dissolved companies went down in the first quarter of 2019 by 10.47 per cent, compared with the same period last year, to 16,626 units, against the 18,570 companies that went into dissolution in 2018, according to data centralized by the National Trade Register Office (ONRC).Most company dissolutions were recorded in Bucharest - 2,892 companies (down 23.02 per cent against the first six months in 2018) and in Constanta county - 812 (plus 0.87 per ...

Telekom Romania to lay off almost 700 employees in restructuring process

Wednesday, July 24, 2019

Telekom Romania Group has announced that it would lay off 692 of its 5,831 employees, expanding a restructuring process which it started two years ago, due to lower revenues and record losses and debts recorded in 2018. The announcement comes in the context of a planned sale of Telekom Romania’s ...

ONRC: Six-month business dissolutions at 67,807, up 62.42 pct YoY

Wednesday, July 24, 2019

Business dissolutions in the first six months of the year were up 62.42 percent YoY at 67,807, according to statistical data released on the website of the National Trade Register Office (ONRC).Bucharest tops the list with most company dissolutions - 7,383 (by 13.72 pct more compared to the interval January - June 2018), followed by the counties of Iasi - 3,861 (+128.87 pct), Maramures - 2,640 (+158.32 pct) and Bacau - 2,523 (plus 110.25 ...

Competition Council authorized takeover of Arcon Membrane by Sika Romania

Wednesday, July 17, 2019

The Competition Council announced it had authorized the transaction by which Sika Romania, the manufacturer of building materials took over Arcon Membrane company. In December 2018, Sika announced the takeover of Arcon Membrane. “Following an analysis, the Competition Council decided the operation  did not raise significant obstacles for competition in the Romanian market and there are no serious doubts about its ...

Chinese company will open furniture factory in Deva

Wednesday, July 17, 2019

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A Chinese company, UE Furniture, will open a furniture factory in Deva, where they will manufacture office chairs and sofas for the European market. A memorandum was signed by the local authority and representatives of the foreign company to ensure administrative support needed to carry out the investment. According to Florin Oancea, the mayor of Deva, the factory will stretch  on an area of 40,000 square meters, while manufacture is estimated to ...

TELUS International continues to grow in Bucharest 

Wednesday, July 17, 2019

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 In order to support the extensive hiring planned for TELUS International in Bucharest this year, the company has acquired 1,200 sqm more space, in addition to the 8,800 sqm office space it has in AFI Park, the company informs.  TELUS International’s Make Your ...

Cramele Recas recorded a turnover of EUR 38 million in 2018

Wednesday, July 17, 2019

Cramele Recas, a company established in 1991 and one of the first Romanian producers to focus on dry and modern wines, reached a turnover of over EUR 38 million (RON 180,981,438) last year, which ranks it first on the wine market in Romania. In addition, Recas performs abroad, being the largest exporter of wines in our country. At present, 50 percent of the wine is for export, mostly in countries with mature wine consumption markets: England, Germany, Sweden, the United ...

Local business owners pooling money for startup investments

Wednesday, July 17, 2019

Romanian business owners are beginning to create their own investment funds to target domestic startups, with starting capital running into the tens of millions of euros. While local investors can fill a funding gap for early-stage companies, their familiarity with the way business is done in Romania might provide an advantage over traditional international players in the venture capital and private equity markets, say commentators. Seeing established ...

OTP Bank Romania head plans to increase market share by focusing on SMEs

Wednesday, July 17, 2019

Gyula Fater, the new head of OTP Bank Romania, plans to increase the market share of the bank up to 5 percent on long-term by focusing on lending to small and medium enterprises (SME), according to Ziarul ...

EIF, ProCredit to provide EUR 800 mln in additional support for innovative SMEs in 11 countries, including Romania

Wednesday, July 17, 2019

The European Investment Fund (EIF) and ProCredit Group have announced that they would provide an additional EUR 800 million to innovative small and medium-sized companies (SMEs), bringing a total of EUR 1.62 billion to companies in eleven countries: Albania, Bosnia and Herzegovina, Bulgaria, Georgia, Germany, Greece, Moldova, the Republic of North Macedonia, Romania, Serbia and Ukraine. The EIF-backed financing is now available through ProCredit banks ...

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