Most profitable Romanian builder reorganises business

25 aug 2010 Autor: Izabela Badarau

Six construction firms controlled by Bacău businessman Dorinel Umbrărescu, with cumulated turnover of 217m euros in 2009 and almost 1,000 employees, will merge in a bid to "boost the efficiency of operations and cut costs," reveals the merger draft published in the Official Gazette.
Thus, Tehnostrade, with 153m-euro turnover in 2009, will absorb Com-Axa, Drumuri, A&R, Sped UMB and Tehno-Stone companies and reach net assets worth 242m RON (60m euros).
Umbrărescu's biggest firm, though, is Spedition UMB, distinct from Sped UMB, which will enter this first merger process.
If Spedition UMB in its turn absorbs the other firms, as it was announced in June in the Official Gazette, Umbrărescu will beat all Romanian builders in terms of revenues.
The businessman's construction firms would reach joint turnover worth almost half a billion euros with almost 1,100 employees. However, Umbrărescu stated he would cut the number of employees in the wake of the merger. He could not be contacted by ZF by edition close.