Alutus acquired by chemicals trader

Alutus Ramnicu Valcea, a regional brewer with operations in the southern area of the country, has been taken over by Comchim Ramnicu Valcea, which is owned by a local businessman. “We paid approximately 6bn ROL (150,000 euros) for the controlling interests, however we also took on pretty large debts,” said Cornel Neagoe, Comchim’s majority shareholder. Neagoe bought the stock from a group of individual investors, which included company managers. Alutus turned over 3.5 million euros in 2003 and had total debts of 2.6 million euros, the same as the previous year. It made net profits of 150,000 euros against losses of nearly 250,000 euros in 2002. Estimates for last year’s sales indicated a figure in the region of 5 million euros. Comchim Chemicals reported a 3.2 million euro turnover in 2003. Alutus’ sales mainly go to the counties of southern Romania: Valcea, Arges, Olt, Dolj, Giurgiu and Teleorman. ZF