IAR Ghimbav looking to become a partner in a new company

Ovidiu Vrânceanu, Braşov

Shareholders of IAR Ghimbav will discuss tomorrow the possibility of the company becoming a partner in a new company called Aerodromul "Iosif Şilimon" SRL, together with the Local Council of Bra ov and the Romanian Aeronautical Club.

IAR Ghimbav would hold a 44% stake, 5% would go to the Romanian Aviation Club, with the majority interest of 51% to be held by the Local Council of Bra ov.

The project of the airfield was initiated following a notification from the board of administration of SC IAR Ghimbav - Braşov, for " improving the infrastructure of the area and meeting the needs of the business environment of Braşov". The airfield would be located near the future International Airport Braşov Ghimbav to be built by IntelCan. The local authorities of Braşov say that the two projects could be merged.

The airfield is also intended as a backup solution for the organization of the Olympic European Youth Festival, scheduled for 2013, given the fact that "apart from the need to provide the sports infrastructure, the minimum requirements for the transportation of attendees have to be met as well".

The company"s initial share capital will be 90,000 lei, and its main scope of activity will be "Scheduled air transportation" and "Occasional Air transportation".

The members of the Braşov local council approved this joint-venture at the end of April. Neculai Banea, General Manager of IAR Ghimbav, said he would only be able to provide more details after the meeting of the board: "For now, we know that it is on the agenda, but we don"t know yet whether the shareholders will approve the project", MR. Banea said.

• Meeting for reorganization

The most anxiously awaited item on the agenda concerns the reorganization of the company. The plan that will be submitted for shareholder approval proposes the layoff of 310 employees this year, on the day after the meeting of the board. The second stage of the reorganization plan will be implemented next year, and will probably include a similar number of layoffs. The company currently has 880 employees, and in order to continue making helicopters it would still need 550 employees.

IAR Ghimbav also has a minority stake (49%) in Eurocopter Romania, a joint-venture with the French-German-Spanish consortium Eurocopter.