English
Financial independence represents one of the most important objectives of "Romarm", said Vasile Crişan, the managing director of the company: "Through reorganization and the improvement of the economic performance of the company, we have been looking to gain our independence from the ministry".
According to him, the program for the reorganization of "Romarm", which was presented in September to the government, includes the creation of four divisions instead of 16 branches, the distribution by the Ministry of the Economy of three of the subordinated companies, for liquidation or privatization and the implementation of the public-private partnership: "We have eight investors in our portfolio which are concerned with the profit of each individual division, which have included in their business plan important amounts for a partnership with us".
Also, the weapons maker has made its goal to eliminate losses by the end of next year, at the end of next year. Other objectives of the reorganization program are increasing the competitiveness of the company, eliminating arrears, and keeping the company afloat, in spite of the very strong competition.
The company, which exports about 90% of its output, has increased its turnover by approximately 20-25%over the course of the past few years, Mr. Crişan says. He added that the company has begun a privatization program about ten years ago, but which hasn"t been finalized. Until now, no layoffs have been made, he said.
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