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Czech AERO Vodochody To Pay EUR16.3M For Romania’s Avioane Craiova

Romania’s privatization authority AVAS will negotiate with Czech AERO Vodochody the sale of the main stake in the country’s airplane maker Avioane Craiova, the Czech company’s offer reaching EUR16.3 million, AVAS said Wednesday.
Czech AERO Vodochody To Pay EUR16.3M For Romania’s Avioane Craiova
16 iul. 2008, 10:11, English

End-May, AVAS received three offers for the sale of the 80.9% stake in Avioane Craiova from Italy’s Alenia Aeronautica, Czech AERO Vodochody and Bucharest-based INAV. AERO’s offer was selected, following the authority’s analysis.

Out of total EUR16.3 million offered by AERO, EUR4.1 million represent the price for AVAS main stake in Avioane Craiova, while EUR3.3 million will be paid for assuring the work capital. The company will also engage to make investments worth EUR8.8 million starting the first year it takes over Avioane Craiova.

Czech AERO Vodochody is the largest military training airplane maker worldwide. The company manufactured over 6,500 construction airplanes. AERO’s airplane production totals over 11,000 units.

AERO Vodochody has a share capital of EUR192.9 million.

Avioane Craiova was founded in 1972 and activates in aircraft construction domain.