UCM Resita branches out

Uzina Constructoare de Masini (Machine Building Plant - UCM) Resita one of the leading manufacturers of equipment in Romania, intends to branch out to trading in industrial equipment by establishing a new company, UCM Trading, which it owns 100%, the company officials say. UCMR's Board of Directors approved the establishment of the new company, with the ratification of the decision left for the Extraordinary General Meeting of Shareholders called for April 7. The creation of UCM Trading thereby the company intends to sell equipment and devices made by other manufacturers, as well. UCMR was privatised at the end of 2003, when the controlling interests were sold to the consortium comprising Swiss INET AG Company and UCMR's Employee Association. The Swiss own more than 90%, while the other shareholders are SIF Banat-Crisana - some 3.2%, SIF Oltenia - 2.9% and the Employee Association - about 1.9%. UCMR expects turnover to grow by 2.5 times this year to approximately 55 million euros. ZF