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Negotiations for privatization of Romanian tractor producer continue

de     HotNews.ro
Vineri, 5 mai 2006, 0:00


The Authority for State Assets Recovery (AVAS) will continue negotiations with Indian company Mahindra & Mahindra for the privatization of the tractor producer Tractorul Brasov. AVAS will publicly announce the final decision regarding privatization of Tractorul, after negotiations with the Indian company will be concluded.

Negotiations between the Romanian authorities and the Indian company had ups and downs since their launch, most of the problems occurring due to politicians and union leaders’ fiery statements coming at inappropriate moments. Big debts prevented the plant to function properly as the electricity provider threatened to turn off all electrical sources.

Tractor producer Tractorul Brasov employs 2,391 persons, and it is in an advanced phase of discussions for its sale to Indian firm Mahindra and Mahindra.

If the Indian company pulls back, the Tractor producer personnel will continue to be laid off and activity will be narrowed to only five industrial halls. The other halls will be sold and money is to be used to cover debts. The company will be put on privatization again provided its financial situation improves.
























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