Ukrainian company Donbass Industrial Union (DIU) of Donetk, held by Rinat Ahmetov, owner of Sahtior football team (trained by Mircea Lucescu), is currently making moves towards controlling two enterprises. DIU is interested in acquiring the majority stake in Combinatul de Utilaj Greu (CUG) and in Fortpres, a producer of metallurgical and energy equipment, both headquartered in Cluj-Napoca.
"We consider these enterprises to have potential and this is why they need to have the necessary financial means and orders in order to be returned to health. Our corporation operates in the domain of the construction of machinery and has the potential to secure CUG's revival. We can secure orders ranging from between 1,000 and 1,500 tonnes per year for enterprises included in our companies," stated Serghei Taruta, DIU board chairman.
At present, the plant has orders for 600 tonnes per year and operates at 20% of its production capacity. According to the Ukrainian official, should capacity fail to reach at least 55%, the plant's transformation into a profitable business is going to be troublesome.
"Only big players should participate in the privatisation of Romanian enterprises, because the smaller ones cannot secure their revival. Investments in retooling are necessary, enabling the plant to reach the level whereby profitability is attained," Taruta added. He estimates the Cluj-based company to require investments of at least 10 million euros with regard to retooling.
Over the following days, talks will be held with the State Asset Resolution Authority to discuss the complete acquisition of the two companies. "The enterprise needs to be sold in its entirety because it is not viable in its current form. It is a living organism, in which components support one another. If they are not kept together, they won't be able to compete with other companies," Taruta stated.
Put out for privatisation by APAPS in mid March, Combinatul de Utilaj Greu has not attracted the interest of investors. The only company to have at any point expressed its intention of taking over the business was Silcotub Zalau. CUG's high debts determined Sicotub to give up submitting a bid, though it had purchased the task book.
With 617 employees in 2002 and 9 billion ROL worth of output, CUG continued to be unattractive even after APAPS cancelled its debts. On December 31st, 2003, CUG registered losses totaling 121 billion ROL, while its total debts amounted to 801 billion ROL.
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