Imsat expects 200 million-euro turnover in 2007

Industrial automation company Imsat Bucharest has this year started executing works at one of the France-based Renault plants, after having collaborated with the Pitesti-based Dacia plant over the last few years, which is owned by the French group. Imsat has recently finalised works for Romanian and foreign cement plants belonging to Lafarge and Holcim and is in talks to take part in the construction of other cement plants. All these contracts are enlivening the company, which is targeting turnover worth 200 million euros in 2007, against 40 million euros at present.

“We’ve entered a collaboration with the French company Comau and we’re participating in the construction works for a plant of Renault in France, as Comau subcontractors. Our teams are working there right now,” said Stefan Varfalvi, Imsat chairman. He added that Imsat had continued works at the Pitesti-based Dacia plant over the last few months.

In the first six months of this year, the company registered 15% lower turnover in nominal terms, down to 540 billion ROL, amid profits standing at 5.7 billion ROL compared with the almost 14 billion ROL in the first half of last year.

Imsat has this year finalised a series of large contracts, particularly for the automation of some cement plants, which have brought it sales and profit increases over recent years. At the same time, the company is in talks for other significant contracts that it hopes will help it reach an annual turnover worth 200 million dollars in 2007. “We have finalised a series of contracts, but we have not sealed any similar ones so far,” Varfalvi explained.

The company is continuing works on railway transportation corridor IV and on an older collaboration with the US General Electric. Collaboration with the Romanian Railway Company regards the automation of some sections of railway. Some of the turbines manufactured by General Electric are equipped with command panels made by Imsat on the basis of a long-term collaboration initiated two years ago.

Imsat representatives say the company’s financial situation has improved in comparison to last year, with the company being able to more efficiently cover its working capital needs from its own sources, instead of those obtained from banks.