The Dutch and the Americans want TopTherm Ghimbav assets

• However, neither have reported to the first auction

The auction for TopTherm SA"s assets, a company which is in the process of voluntary liquidation, did not take place yesterday as scheduled, as no bidders came forward. According to Maestro SPRL Constanta official data, only one company has purchased the specification documentation for the bidding. Anca Sarbu, manager of the liquidating company stated that "It is a US company, which apparently collaborates with the IAR,." She also added that discussions have taken place with the American representatives, as well as with those of a Dutch company. The ICA Ghimbav union leader, Arpad Suba stated that the two companies are Liberty Aerospace and Terwa BV.

The Americans are interested not only in TopTherm Ghimbav, but also in another "baby" of IAR Ghimbav, Aeronautics Constructions, even submitting letters of intent to the Authority for Privatization of State Assets, in order to purchase the company.

Terwa is relocating production

The Dutch company Terwa BV is a company specialized in the production of metal parts for cars, prefab, fitness and physiotherapy industries. Anca Sarbu declared, "They told me they were interested, but the company is somewhat larger than they would require".

The Dutch company is in the full process of taking over a belgian PVC and slated wood carpentry company, and intends to relocate the PVC department to Ghimbav. Anca Sarbu further explained that "However, they find the selling price too high". On the other hand, the Americans haven"t complained about the price, their only problem being the fact that their company is not registered in Romania. Among the functional assets the liquidators have put up for sale, also included is the company"s building lot, and according to Romanian laws, foreign companies are not allowed to buy land in Romania. The bidding will be held again, 15 days from now, with a decrease in the selling price of 20%, in accordance with the law.

TopTherm platform - valued at 5 million EUR

TopTherm SA Ghimbav industrial platform, which will be put up for sale as a functional asset, includes building lots, fixed assets, construction works, stocks, inventory, and debts of 16.895.805 lei (approximately 5,121 million EUR), to which taxes are added. Independent assets are also put up for sale for the price of 15.100 lei.

The main activities to be carried out by the buyer of the functional asset consist in the extrusion of PVC profiles in order to manufacture thermopane window carpentry, the covering of PVC profiles with RENOLIT foil, the extrusion of PVC profiles for manufacturing refrigerating boxes as well as the manufacturing of PVC carpentry for thermopane windows.

The equipment is in perfect running condition

TopTherm Ghimbav is situated over a 10.584 sq.m. area, where a construction with two production assembly rooms, offices, raw material warehouses and several pieces of equipment such as extrusion lines, a raw material mixing line, a PVC residue crushing mill, a PVC profile decorating foil machine, and a PVC thermopane window carpentry production line, are located.

According to the liquidators, "the most feasible liquidation strategy is the one that maintains the technological character of the factory and attempts the selling "en bloc" of all its equipment as a whole functional unit in its initial stage, appropriate for the immediate resumption of all activity, meaning PVC profiles and carpentry".