23 C
Bucharest
September 28, 2022
BUSINESSCOMPANIESECONOMY

Electromontaj announces the intention of an economic partnership with Hidroconstrucția

Electromontaj, the energy construction market leader in Romania, with projects all over the world, launches the intention of economic and corporate partnership with Hidroconstructia, the largest Romanian company specialized in the field of hydropower and hydrotechnical constructions, now in insolvency.

The offer addressed to the shareholders of Hidroconstrucția SA has a maximum value of 119 million lei, a value that can be achieved depending on the approval of the reorganization plan and the exit from insolvency. At the same time, the offer is conditioned by obtaining the necessary statutory approvals and the authorization of the Competition Council.

The investment of the Electromontaj group in Hidroconstrucția will consist, in addition to the already announced offer, in group-level synergies, transfer of best practices and expertise, as well as financial support for improving the cash-flow of Hidroconstrucția SA and its subsidiaries.

Hidroconstrucția SA is a Romanian company with 100% private capital, established in 1950, as the sole constructor of the hydropower investment from Bicaz, with hydropower works of national importance, of particular complexity, such as Vidraru or Portile de Fier I and II, with the participation to the largest sea lock project, the Belgian port of Antwerp, and the rehabilitation and expansion of one of the world’s largest potassium mines located in Jordan on the shores of the Dead Sea.

The Electromontaj Group, one of the most important high-voltage power line builders in Europe, with significant activity in Europe and the Middle East, and one of the few companies in the world that can carry out specific turnkey projects, includes Emfor Montaj, a company specialized in the construction of foundations for power lines and civil constructions, Iproeb SA Bistrita, one of the most important national producers of electric cables and conductors as well as its own production units, a factory of metal poles, a factory of clamps and electrical fittings and a station of testing for electric poles, one of the largest in the world.

At the end of 2021, the Electromontaj Group recorded a net asset value (equity) of 471 million lei, a turnover of 472 million lei and a net profit of 25.5 million lei.

The managements of Electromontaj and Hidroconstrucția are confident in the common future of the two emblematic companies of the Romanian industry, a future oriented towards the consolidation of a construction group in the field of energy and active both locally and globally, with a collective of over 3,000 employees, with private Romanian capital.

 

 

Related posts

President Iohannis: Unfortunately, Romania has never been generous enough with research and researchers

Nine O' Clock

BAT recognised as Global Top Employer for fifth consecutive year

NINE O'CLOCK

Energy Ministry to nominate company that will establish investment fund with KMG International

Nine O' Clock