Herbert Stein, one of the best-known businesspeople in theRomanian car industry, has reached an agreement with Israel'sMediterranean Car Agency on the sale of AutoItalia group, theimporter of Fiat group brands, of SsangYong, Infiniti and of Hondamotorbikes domestically, according to an industry source.
The deal revolves around 20m euros and it depends on certainconditions being met.
Mediterranean Car Agency controls Fiat imports in Israel and iscontrolled by businessman Michael Levy. Neither AutoItalia, norMediterranean Car Agency officials commented on this issue.
The sale of AutoItalia group by the businessman is the firstexit from the Romanian car market in the past twenty years. Itcomes two years after the onset of the crisis, a period duringwhich car sales have dwindled by almost 70% from 2007 and 2008.
At present, AutoItalia network is made up of over 40 showrooms,with three of them part of AutoItalia Showroom, the group's retailunit.
AutoItalia group reached turnover of around 60m euros last yearaccording to ZF estimates, after having topped 92m euros in2009.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
