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.
Creating a website can often feel like a challenging task, especially for those without programming or design experience. To meet the needs of a growing market, Andrei-Fredy Crăciun created Loopple AI, a platform that allows users to build fully functional websites in less than a minute with the help of artificial intelligence – no technical […]
Romania will set up and operate its first fish farms in the Black Sea this year, as announced by environment minister Mircea Fechet, with certain areas already assigned for future farms. Investments are long overdue, as discussions about fish farms in the Black Sea have been ongoing for decades in Romania, while similar investments have […]
Monica Tamaș has been appointed general manager of Unilever Romania and Moldova beginning January 2025. She will oversee the local strategy and investment initiatives "aimed at optimizing Unilever's performance within the Home Care, Beauty and Personal Care, and Nutrition sectors across Romania and Moldova." Tamaș joined Unilever Romania in 2013, following roles in leading FMCG […]
A recent scientific paper published in the Nature Communications journal revealed evidence of “hominin activity” dating back at least 1.95 million years in Romania. The result marks the oldest proof of human activity in Europe, predating that found in Georgia, set at 1.8 million years. The findings were built based on a thesis proposed in […]
Romania's Electromontaj signed a 10-year partnership with TenneT BV, the electricity transmission operator in the Netherlands. The collaboration, which includes the participation of three other international companies, will see the construction of 400 km of new high-voltage lines and the modernization of 600 km of existing lines, with a total project value of EUR 1.75 […]
APTIQ Global announces the affiliation of the Turkish firm CLK Consultancy under the APTIQ Tax brand, which means a strategic expansion into the Turkish market, while fostering growth and delivering exceptional value to their clients across Turkey, Germany, France, Switzerland, Austria, Ireland, Italy, Spain, Romania, Poland, the Czech Republic and Slovakia. As part of their […]
