Urdăreanu sells security division to Swedish group

Cobra Security, which is part of the group controlled by businessman Tiberiu Urdăreanu, UTI - was bought at the beginning of this month by Securitas Services Romania, held by Swedish group Securitas AB, world leader in security services.

Cobra Security ended 2009 with a 55.7 million-RON turnover, up by over 10% against results recorded a year before, according to the website of the Finance Ministry. The company's net losses fell from 1.3 million RON in 2008 to 738,000 in 2009. At the end of last year, the company had around 2,770 employees.
"Following the sale, Securitas Services Romania holds 99% of Cobra Security, with 1% being acquired by Securitas Fire Protection and Control Services, a part of the same Swedish group.
Securitas AB group last year posted an almost 6.81 billion-euro turnover and an almost 230 million-euro net profit.
Securitas Services Romania is headquartered in Bucharest, has 11 local subsidiaries and around 4,000 employees. Tiberiu Urdăreanu could not be contacted by the time the news was published.