The Romanian seamless steel pipe producer, Artrom Steel Tubes S.A, has reached an agreement to be taken over by GLGH Steel, a company of the American investment fund Great Lakes Global Holdings, according to a press release of the Romanian company."As we are interested in exploring new opportunities for Artrom, we hope that the new government can take the necessary steps as soon as possible to allow Artrom to carry out its activity normally. If these conditions are met, we are confident that Artrom can launch on a new business trajectory, focusing on strategic areas such as production for the defence industry and decarbonization, which require substantial investments from our group," said Adam Hitchcock, founder and managing partner of GLGH, in the press release.The share purchase agreement for the acquisition of Artrom was concluded in November between GLGH Steel and the former Serbian owners of Artrom, and the transaction is subject to the necessary regulatory approvals from the Romanian authorities.GLGH Steel is currently working to secure the support of the Romanian Government for this transaction, which would put Artrom's future development on the right track.'This transaction ensures that thousands of jobs in the southern region of Romania, in particular those in Olt and Caras-Severin counties, will be protected. The local economy will consequently be stimulated by a capital infusion of millions of dollars in the coming years. Furthermore, the company will benefit from a sustainable and constant investment flow, allowing it to develop and expand other production lines to access new markets,' the press release says.Currently, Artrom Steel Tubes S.A. has over 2,000 employees and is the market leader in the production of seamless steel pipes.
Romanian defense minister Angel Tîlvăr stated that the contract for the Patriot system, which will replace the one ceded by Romania to Ukraine, is expected to be signed in February. The minister commended the decision of the United State government to approve the delivery of three Patriot systems to Romania. Raytheon stated it will collaborate […]
Romanian companies are entering 2025 with cautious optimism, focusing on managing risks and controlling costs, according to the Deloitte 2025 Romania CFO Survey conducted at the end of last year among approximately 130 Chief Financial Officers (CFOs). Most of the Romanian CFOs predict an increase in revenues for this year (58%), but their share has […]
Several employees of the Romanian Senate began protesting and booing while the president of the upper Chamber was announcing that staff restructuring would be implemented to reduce public spending. Ilie Bolojan, president of the National Liberal Party and head of the Senate, announced a reduction in the organizational chart from 796 positions to 618 positions. […]
The members of the Romanian angel investor network TechAngels put EUR 2.757 million in direct investments in tech startups in the second half of 2024, almost triple the amount invested in the year's first half. The investments for the entire 2024 rose to EUR 3.777 million, a 25% year-on-year increase. The rounds backed by TechAngels […]
REHAU, the German leader in polymer-based solutions for the construction, automotive, and industrial sectors, announced the appointment of Paul Chipriean as Country Manager for Romania at the beginning of this year, taking over for Alexandru Oprea, who will move on to a new strategic regional position. Concurrently, Paul Chipriean will also serve as Director of […]
Moldova will not compete in the Eurovision 2025 song contest. The decision was made "following a detailed analysis of the current situation, as well as economic, administrative, and artistic challenges," the organizers stated. The announcement was made on Wednesday, January 22, by the director of the national television Moldova 1, Corneliu Durnescu, and the head […]
