EnglishTop Genko SA Arad had the best offer in the privatisation process of Famos SA, according to a press release from the Authority for State Assets Recovery. In January, AVAS auctioned off 98,7395% of the shares held in medical equipment producer Famos-Suceava, the company having a share capital of 61,517 million RON.
According to Aurelian Mateiciuc, CEO of Famos SA, following the signing of the privatisation contract, a 5-year restructuring program will be implemented. At the moment, the company"s main objective is the modernization of the technology line, which would increase annual output to 200 million syringes and 400 million disposable needles. Although the exact price for the state-held shares is not known yet, the future majority shareholder in Arad must maintain the company"s field of activity. Also, Top Genko is expected to a make several investments regarding production diversification and the initiation of new profitable activities.
Top Genko-Arad is the Romanian representative of the Italian group GENKO, one of the largest medical equipment manufacturers in Europe. Last yaer Top Genko intended to acquire the Arad-based syringe factory Sanevit SA but the transaction was not finalized and the company became interested in Famos Suceava.
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