Adamescu changes Baumeister management to double turnover

Dan Grigore Adamescu, owner of Bucharest’s Unirea Shopping Center, this year decided to restructure Prahova-based constructions firm Baumeister (which registered turnover worth 35m euros) and appointed Sorin Panait Seteanu, the former business development manager of Spanish-based FCC Construction group, at the company’s helm.
Adamescu controls Baumeister through Nova group of firms, which also operates in real estate, tourism and insurance.
In the wake of the restructuring process, Baumeister representatives expect turnover to double in 2008, to around 60m euros.
“The company has boasted strong growth in recent years, which matched growth on the constructions market, but finally reached the point where organic growth lagged behind the market trend.
Thus, Nova Group decided to radically change the company’s management,” stated Sorin Panait Seteanu, Baumeister’s general manager.
Seteanu became the company’s general manager in July and targets the restructuring of the company’s management, as well as expansion.
The largest projects Baumeister is working on include the construction of Kaufland’s logistic centre in Ploiesti, Siemens VDO administrative and production complex in Timisoara, as well as Unirea Shopping Center.
“By yearend, we will relocate the company’s headquarters, to the fifth floor of Unirea Shopping Center in Bucharest, and will keep only one subsidiary in Ploiesti. The old management had local coverage, but in the following years we want to expand our company throughout several areas of the country. We want to open branches in the areas of Timisoara-Arad-Deva, Sibiu-Caransebes-Craiova or Constanta-Galati-Braila,” specified Seteanu.
The company now has a management team with new economic, production, quality and technical managers, who came from companies such as Lafarge (France) or Alpine (Austria).
Nova Group Investments also includes construction firms Megaconstruct and Icsim, which could be integrated under the management of Baumeister, whilst another construction firm, Bau Construct, from Prahova, is under liquidation.
“(…) We also want to develop the infrastructure segment this year, particularly in the domain of road rehabilitation,” concluded Seteanu.
German businessman Michael Dietrich, in partnership with Dan Grigore Adamescu, created Baumeister in 1997.
Subsequently, the Adamescu family gained control through Nova Group Investments, which owns 90 percent and Complexul Hotelier Modern, which owns 10 percent.
Adamescu family owns Unirea Shopping Center in Bucharest, Rex hotel in Mamaia, and a 47 percent stake in insurer Astra-Uniqa.