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.
The network of clinics founded by Dr. Daniela Ionescu will open its fourth unit, the Suvenir Clinic, a multidisciplinary center specializing in the diagnosis and treatment of respiratory problems. The clinic, set to open in September of this year in Bucharest, adds to a network that already includes units in Brașov and Constanța. The total […]
Directors Lina Vdovîi and Radu Ciorniciuc were awarded the Krakow International Film Festival's Silver Horn Award for a socially relevant film for their documentary Dad/ Tata. This is the duo’s second win at the festival. In 2020, they took home the Golden Horn for best documentary film for Acasă - My Home, directed by Radu […]
The president of Ukraine, Volodymyr Zelensky, invited Romanian counterpart Nicușor Dan to Ukraine ahead a bilateral meeting during the Bucharest 9 Summit in Vilnius on Monday, June 2. Zelensky made brief statements to the press upon arrival at the summit, saying that “Romania is very important” to Ukraine. He indicated that he will talk with […]
Romania’s "Regele Ferdinand" (King Ferdinand) frigate is currently on rescue mission in the Mediterranean Sea, looking into the disappearance of a military master technician part of its crew. Master Sergeant Class II Viorel Culea, 46, an electromechanical specialist, was last seen on board the ship on the morning of June 1, around 04:30. The Romanian […]
The Dutch government expects to reimburse Romania for the golden helmet of Coțofenești and the three gold bracelets stolen from the Drents Museum in Assen in January of this year. The value of the reimbursement stands at around EUR 5.7 million, and the reimbursement was confirmed by the Dutch Ministry of Education, Culture and Science for […]
The fifth edition of the Jazz Cave Festival will take place in Vâlcea County, southern Romania, between August 14 and 17, bringing over 22 bands from Europe, Africa, and South America to perform on four stages. This year, the event will be held in three concept-zones. The underground stages INNERLAND and KIDS CORNER, the latter […]
