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Romania’s AVAS Head Comments On Airplane Mkr Sale

Czech AERO Vodochody, which own the auction for the sale of the majority stake in Romania’s aircraft maker Avioane Craiova, will produce parts and equipment for different types of aircrafts at the plant in Craiova, Teodor Atanasiu, head of Romania’s privatization authority AVAS, said Sunday.
Romania’s AVAS Head Comments On Airplane Mkr Sale
20 iul. 2008, 20:14, English

Atanasiu said AERO Vodochody filed the best financial bid for all three chapters included in the auction.

According to Atanasiu, AVAS selected AERO Vodochody because it filed the best financial bid for the 80.9% stake in the plant, nearly EUR4.2 million, for the working capital, EUR3.3. million, and for investments over the next five years, EUR8.8 million, of which EUR4.5 million will be invested in the first year upon the takeover.  

Atanasiu also said Italy’s Alenia Aeronautica was one step behind AERO Vodochody, with a nearly 5% lower bid.   

Atanasiu added he cannot say anything about the fate of Avioane Craiova employees, stressing AVAS did not impose any conditions as to keeping the plant’s employees, since the European Union bans such aspects.

AVAS said Wednesday it would negotiate with the Czech company the sale of the majority stake in Avioane Craiova, the Czech company’s offer reaching EUR16.3 million.

Czech AERO Vodochody is the largest military training airplane maker worldwide, whose airplane production totals over 11,000 units.

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

Avioane Craiova was established in 1972 and is the country’s sole military aircrafts maker.