Chimcomplex SA Borzeşti, member of the SCR group, has submitted on Thursday the bid for taking over the assets of Oltchim Râmnicu Vâlcea and aims to create a Romanian giant in the chemical industry, according to a press release.
In this respect, Chimcomplex aims at further setting up the Romanian Chemical Company – a future important player in terms of regional relevance in the chemical industry, the company says.
The business plan of this new entity is based on relaunching the Romanian chemistry, including the possibility of increasing industrial production to more than EUR 1 billion per year, in 7 years since takeover, as well as 9,000 new jobs in horizontal and vertical industries, and the diversification of commercial operations across the region.
“I am optimistic and believe in the good intentions of the decision-makers, namely the administrators and the creditors of Oltchim regarding its future. Our offer is fair, sustainable and well assumed,” Virgiliu Băncilă, president of Chimcomplex, said in the press release.
Chimcomplex is supported by the US giant Tricon Energy, with a turnover of USD 6 billion, as a trading partner, by five European banks co-ordinated by ING, and by two investment funds in London and Dubai.
SCR group, which currently owns Chimcomplex, and which will become the direct guarantor of the transaction, with assets of over EUR 120 million, is joined by four strong business partners, one of them in Turkey and one in Italy.
The Romanian chemical industry has experienced a strong decline since the 1990s, when it was the world’s 10th largest producer, with a national share of 16.9% of total industrial production. Out of the 72 plants and factories only 14 remained in operation in 2016, which ensures Romania’s chemical production 11 times lower than the one registered in 1990.
According to the communiqué, the Romanian Chemical Company wants to be the company that will put Romania on the map of the chemical industry in Europe, given the commercial force the two plants will have together.