Serviciile Comerciale Romane (Romanian Commercial Services - SCR) Group will take over the cellulose and paper factory Somes Dej from Austria-based MFC Commodities GmbH in a deal worth more than 200bn ROL (some 5 million euros).
"The majority shareholder of the factory, Austrian MFC Commodities GmbH decided to drop Somes Dej for a new production facility it will open in Germany near Berlin this October," Stefan Vuza, SCR Group chairman told Ziarul Financiar.
He added that MFC Commodities would in this way obtain a capacity of 550,000 tonnes, in comparison to the Romanian facility's 70,000 tonnes. Vuza explained that the SCR Group and MFC Commodities had concluded a partnership in the sense that they would not compete with each other on the same market.
The businessman says the price of the deal was set by a series of negotiations conducted in both Bucharest and Austria over the last six months. Vuza says the deal will be worth more than 200bn ROL and that SCR will also get all of Somes Dej's receivables, worth 29.7bn ROL.
He added that the 46.2bn ROL that were supposed to be invested, as stipulated in the privatisation contract, will be transferred to the Somes Dej account. MFC representatives speaking to Ziarul Financiar confirmed their plans to sell the controlling interests in Somes Dej.
This transaction will enable SCR to own a 77.5% stake in the factory, with the rest held by SIF Banat-Crisana (15.8%) and other shareholders (6.7%). "The share capital will be increased by 65bn ROL next month. The stakes will be accordingly modified, depending on shareholder participation in this increase," Vuza explained.
Somes Dej makes and sells both whitened and natural cellulose sulphate made of resiniferous wood; whitened and natural resistant packaging paper; as well as writing and printing paper. It is the only company that makes cellulose sulphate from resiniferous wood in SE Europe.
It logged 1,330bn ROL (some 35.4 million euros) turnover in 2003, and expects to see 1,600bn ROL (approximately 40 million euros) revenues in 2004. Its 2003 profit reached 13.1bn ROL, compared with losses of 8.4bn ROL in 2002. Profit is estimated to increase to 40bn ROL.
The company alone entirely covers domestic demand for long-fibre cellulose, as well as 30% of the demand for whitened and natural paper on the domestic packaging market (which sees demand going up at a 7% annual rate). Somes Dej's clients include Celhart Donaris SA Braila; Letea SA Bacau; Pehart SA Petresti; and Omni Impex Busteni. It exports to Italy; Germany; France; Greece; Poland; Bulgaria; Saudi Arabia; Kuwait; China; Tunisia; and Thailand.
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