A local consortium placed the only bid for GES, Romania“s sole flat glassmaker, state privatisation officials said.
The bid for a 99.32% stake came in the week commencing 22 November 2004 from a con…
A local consortium placed the only bid for GES, Romania“s sole flat glassmaker, state privatisation officials said. The bid for a 99.32% stake came in the week commencing 22 November 2004 from a consortium made up of Laminate, Aedificia Carpati, Supremo Corporation, Unirea International Trading 95 and Pro GES association, said Romania“s privatisation agency AVAS in a statement. Before the consortium can begin negotiations to take over GES, it must prove it meets the requirements of the tender, AVAS said after receiving the bid prior to the 24 November 2004 deadline. Under the rules of the tender, a bidder must have a decade“s experience in the glass industry and turnover in 2003 of at least EUR 50 million (USD 66 million). The bid came only days after France“s Saint-Gobain announced it is to build a flat glass factory in Romania. It hopes the plant, scheduled for completion in 2006, will produce EUR 60 million of flat glass a year. GES reported turnover of ROL 535 billion (USD 18 million/EUR 13.6 million) in 2003, AVAS said in a statement. The company produces 8.0 million square metres of 2.0 millimetre flat glass equivalent and 3.6 million square metres of 2.0 millimetre ornamental glass equivalent per annum. GES exports 40% of its flat glass output and 60% of its ornamental glass, mainly to Bulgaria, Serbia, Turkey, Greece and Moldova. Its main competitor on the Romanian ornamental glass market is local firm Omega Tarnaveni. GES employs more than 1,000 people and its equity capital exceeds ROL 1.2 trillion. (EUR 1 = ROL 39,395)