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The forthcoming liquidation of the Brasov-based ball bearing manufacturer Rulmentul is stirring some controversy, as SSIF Orizont - Oradea CEO Nicolae Rusu believes the sale of the land under the factory is a good idea, but only if the factory is relocated out of town, where the land is cheaper. SSIF Orizont holds nearly 20% in Rulmentul.
He believes that the Rulmentul case will turn into a real estate business, similar to Tractorul. "We don"t want the liquidation of Rulmentul to be done by the same principles as the liquidation of Tractorul. Those interested in Rulmentul are actually interested in the land beneath it," said Rusu.
Realtors estimated the land under Rulmentul at up to 45 million EUR, which is half of the factory"s debt to the State. More precisely, Rulmentul owes some 80 million EUR to the State plus 25 million EUR worth of severance payments to be made in the following two years to fired employees.
Rusu believes that the liquidation of Rulmentul is a concealed godsend to Ina Schaeffler, which opened a ball bearing factory in Brasov two years ago. "The liquidation of Rulmentul means that qualified workforce will move to them," said Rusu.
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