Megapress, the third-largest player on the printery market in Romania is planning to go into magazine printing following a $5-$7 million investment in the acquisition of a new rotary press, Sorin Penes, Megapress general manager told Ziarul Financiar. The investment decision was made after the company's shareholders, Penes and investment fund Société Générale Romania Fund (SGRF) postponed the sale of Megapress, an operation started a few months ago, for a year. The decision to postpone was prompted by the gap between the price asked by the current investors and the bids of interested investors. "The international market is not good for acquisitions: the recession has made most strategic investors reconsider their expansion strategies. The offers we got did not convince us to sell. Therefore we decided to postpone the sale and develop on our own. We are still open to offers but cannot wait for the competition to get ahead," Penes said. Megapress is now competing only on the newspaper and book printing segments (it holds the Aramis and Minerva publishing houses). Its manager and main shareholder (Penes holds 65%) explained the decision to go into magazine publishing was also based on tips about similar development plans from the competition. ZF
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