English
Oltchim - Ramnicu Valcea will be prepared for privatization throughout 2007, according to State Assets Recovery Authority (AVAS) President Teodor Atanasiu during a visit to the chemical company, where he met with management and union representatives.
The company will commission several production lines financed through a capital increase. The capital increase will include a debt-for-shares swap that for the moment requires approval from the European Commission, which might consider it as a form of State aid for Oltchim.
The company is also looking to reduce dependency on raw materials suppliers and wants to acquire the necessary equipment in order to produce raw materials at Arpechim - Ploiesti and the National Salt Company. Oltchim accounts for over 65% of the industrial output of Valcea County and is controlled by AVAS with 95.73%.
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