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Defense and security firm SAAB opens Bucharest office, targets Navy and civil marine contracts

Wednesday, February 14, 2018

SAAB, the largest Swedish company and one of the largest companies in the military industry in Europe, has opened an office in Romania, business-review.eu informs. The move comes in the context of the Defense Minsitry aiming to launch several endowment projects for the Navy Forces, and the representatives of the Swedish companies have said that they are interested in taking part in the construction or upgrade of equipment. SAAB, ...

Romanian govt to capitalise postal operator Posta Romana with 170 mln lei (37 mln euro)

Wednesday, February 14, 2018

Romania's government said on Friday it has decided to capitalise state-controlled postal service operator Posta Romana with 170 million lei ($45 million/ 37 million euro), seenews.com informs. "We are talking about a unique moment in the history of the company," Posta Romana said in a press release. The company will use the funds to pay overdue debts to the state budget. "This is indeed a double ...

Medicover and Synevo’s turnover in Romania up almost 20 pct in 2017

Wednesday, February 14, 2018

Medicover, a company with Swedish capital listed on the Stockholm exchange, presented its interim financial report for 2017, business-review.eu informs. The company is active in Romania through its Medicover centres and Synevo laboratories, and had an increase of 16.7 percent in turnover in 2017, reaching EUR 580.2 million. Fredrik Ragmark, Medicover CEO, said: “2017 was a prosperous year for the group, in which we finalised the listing process ...

Manager of Bucharest Airports National Company tenders resignation

Wednesday, February 14, 2018

The manager of the Bucharest Airports National Company (CNAB) Bogdan Mindrescu resigned on Thursday, according to sources from the Ministry of Transport. "The head of the Bucharest Airports National Company has tendered his resignation," said the sources, without mentioning any reason.On February 1 2018, the control body of the Ministry of Transport was sent to the Bucharest Airports National Company to check on the manner in which the Otopeni Airport remained ...

Policolor is for sale, leaving room to a real estate project

Wednesday, February 14, 2018

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Reconstruction Capital II, the investment fund owned by Ion Florescu, prepares the sale of local paints and varnishes producer ...

Happy Tour reached its 10 pc target set for Romania in 2017

Wednesday, February 14, 2018

Happy Tour, one of the most important corporate & leisure travel management company in Romania, registered a sales volume of almost EUR 54 million in 2017, up 10 percent year-on-year thanks to the accelerated development of the business travel segment, the MICE (meetings, incentives, conferences and exhibitions) division and the partnership with Disneyland Paris. “As ...

COFACE: Insolvencies in Romania stable at level twice as high compared with CEE average

Wednesday, February 14, 2018

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 Insolvencies in Romania are still facing the same level twice as high compared with the average in the Central and Eastern Europe (CEE), according to official data released by Coface."The year 2017 brought 8,256 new insolvency cases, which means a 3 per cent growth compared with 2016, when there were recorded 8,053 new insolvency cases. Despite this being the minimum recorded over the past 15 years, Romania still has an average level of insolvent companies ...

Alro SA planned investments of 61 million dollars for this year

Wednesday, February 7, 2018

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The Alro shareholders, the biggest producer of aluminium of continental Europe ( excluding Russia and the Scandinavian peninsula) approved an investment plan of 61 million dollars for this year. The aluminium unit estimates for this year a net profit of 42.8 million dollars, for income resulting from sales of 662.95 million dollars. By comparison, according to the income budget for 2017, Alro planned for 2017 a net profit of ...

Food industry lost another two top factories in 2018: Zaharul Oradea and the dairy factory Dorna

Wednesday, February 7, 2018

The food and beverages industry in Romania estimated at 55 billion lei (12 billion euro) started 2018 wrongly, by closing down two factories, Zaharul Oradea and the dairy factory Dorna, both top companies in the sector they activate. ‘Romania becomes importer of products from abroad. It is sad that we got here, but in Romania nothing is to be wondered. In order to have more local manufacture there is need for a strategy of development of the food ...

Miele Romania estimates business of 35 million lei for this year

Wednesday, February 7, 2018

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The German producer of luxury household appliances Miele estimates a turnover of 35 million lei for this year in Romania with 15% more than last year, stated for News.ro Loredana Butnaru, manager Miele Romania who stated that the plan for medium term includes the opening of two-three shops under the concept Point. ‘For 2018 we estimate a turnover of 35 million lei with 15% more than in 2017. Practically, this means doubling the business between ...

Elvila furniture manufacturer makes transactions in BVB AeRO market

Wednesday, February 7, 2018

The shares of Elvila SA (ELV stock symbol), one of the most important furniture manufacturers in Romania, got into transactions in the AeRO market of Bucharest Stock Exchange (BVB) following a technical listing on February 1st. “We decided Elvila should enter the AeRO market at BVB for a technical listing to ensure the maximum transparency of the company, especially in the context of my active involvement in the political field and to leave ...

Biofarm sees 24% higher profit in 2017

Wednesday, February 7, 2018

Bucharest-based drug producer Biofarm increased its turnover by almost 12% in 2017 compared to the previous year, to RON 170 million (EUR 37 million), romania-insider.com informs. The net profit went up by 24%, reaching RON 36.5 million (EUR 8 ...

Automotive group closes factory in Romania due to labor shortage

Wednesday, February 7, 2018

American group Delphi Packard, an automotive producer, announced it would close its factory in Moldova Noua, a town in Southwestern Romania, due to workforce shortage, romania-insider.com reads. The decision will become effective at the end of March. The factory ...

Romanian RCS&RDS' parent Digi secures 163 mln euro loan

Wednesday, February 7, 2018

Digi Communications N.V. [BSE: DIGI], majority owner of Romanian company RCS&RDS, has secured a 163 million euro ($203 million) syndicated loan to refinance a short-term loan contracted in October, seenews.com informs. Just as the October initial loan, the current syndicated loan facility is meant to be used mainly to support the acquisition of Hungarian telecommunications operator Invitel, Digi said in a statement filed with the Bucharest ...

Bancpost take-over, along with ERB Retail Services IFN and ERB Leasing IFN, by BT, under CC sight

Wednesday, February 7, 2018

The Competition Council (CC) analyses the transaction by which Banca Transilvania S.A. (BT) takes over Bancpost S.A., ERB Retail Services IFN S.A. and ERB Leasing IFN S.A., a press release informs quoted by romaniajournal.ro. In November 2017, BT has reached an agreement with the Eurobank to ...

Stirom, delisted from the BVB

Wednesday, February 7, 2018

As of Monday, Portuguese group BA Vidro, owner of Stirom (STIB), decided glassmaker’s delisting from Bucharest Stock Exchange, a situation which was approved by Romania’s Financial Supervisory Authority (ASF), romaniajournal.ro reports. The delisting conditions were met as MGL Mediterranean Glass, through which the lusitan BA Vidro group controls Stirom, reached a 93.76 percent holding in Romania`s largest glass ...

Antibiotice Iasi aims to open branches in Ukraine and Moldova

Wednesday, February 7, 2018

Antibiotice Iasi, one of the most important Romanian producers of generic medical drugs, wants to open branches in the Ukraine and Moldova, and shareholders will take a vote on the matter at their March 5 meeting, business-review.eu informs. Last year, the company opened a branch in Vietnam. Its portfolio includes 148 generic drugs. Exports in the first nine months of last year reached a value of RON 91.7 million, a 26 percent ...

Competition Council OKs Yusen Logistics Europe to take over Keswick European Holdings Limited and Tibbett Logistics SRL

Wednesday, February 7, 2018

The Competition Council has authorized the transaction through which Yusen Logistics Europe will take over Keswick European Holdings Limited and Tibbett Logistics SRL, a press release issued on Friday informs, romaniajournal.ro reads. Yusen Logistics Europe B.V. is part of the Yusen Logistics Group, which is a global logistics provider covering all transport modes. The main services provided are international freight forwarding (by air or water), ...

TeraPlast Group obtains control over Depaco

Wednesday, February 7, 2018

TeraPlast Group, the largest PVC processor in Romania and one of the leading manufacturers of building and installation materials, announces în a statement sent to Actmedia obtaining the control over Depaco SRL. The price of  67% majority shareholding was 12,35 million euros. Teraplast has concluded the option for the remaining stakes, up to 100% of the company, held by Depaco’s minority shareholders. The transaction will take place ...

Sorin Dimitriu: Bucharest Commercial Arbitration Court enters competitive market, providing integrated services

Wednesday, January 31, 2018

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 The Bucharest Commercial Arbitration Court (CACB), a permanent arbitration institution, which has the competency to solve business and commercial disputes in all sectors of the economy, is launched on the 150-year anniversary since the establishment of the Capital's first Chamber of Commerce, Sorin Dimitriu, Chairman of Bucharest's Commerce and Industry Chamber (CCIB), pointed out."We enjoy competition and we are entering the competitive market of arbitration courts with ...

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