Oltchim Returns to Pre-crisis Turnover

05.06.2011 ZF English

Chemical plant Oltchim Ramnicu-Valcea (OLT.RO), run for over 20 years by Constantin Roibu, has in the first quarter of this year reached turnover of 464.7 million lei (EUR110 million), 93% more than in the similar period a year before.

The turnover increase saw the plant's losses down 20 times, to RON2.6 million (EUR0.62 million).

In the first quarter of 2008, before the start of the economic crisis in Europe, Oltchim reported similar turnover, of around RON467 million and losses of RON3.6 million.

Oltchim is currently one of the local attention-grabbers, which is included on the list of companies that the Government has committed to the IMF to privatise. German group PCC, which holds 12.16% of the shares, has repeatedly voiced interest to take over the plant and has been fighting for around three years to take over Oltchim's management in order to impose its strategy.

This year, a British fund specialising in problematic assets, became an Oltchim shareholder, after buying 11.92% of the shares. Oltchim shares have seen the biggest rise on the Stock Exchange since the beginning of the year, by over 100%.