New management team at Alro

The managing board of Alro Slatina is led by a new team. Alro shareholders have endorsed the appointment of two new members in the company’s board – Christian Wuest and Chris Antonopolos, with Wuest being named chairman of the board. The chief financial officer of the company, Marian Nastase, was appointed deputy chairman of the board.

Christian Wuest had managed Marco Switzerland. The appointment of two new members in Alro board follows last month’s resignation of Alexander Krasner, Alro chairman, Peter Braun, the company’s deputy chairman and of Sam Manaktala, a member of the managing board.

The three were representatives of the US trading company Marco International, the majority shareholder in Alro, and their resignation was filed due to financial disputes between them and the investor that financed Marco International for the takeover of Alro, according to sources quoted by Ziarul Financiar.

The same sources specified that the investor behind Marco International and the true owner of the aluminum producer could be a Russian businessman named Vitali Misitki, who controls a group dealing in oil.

The company’s representatives were not available for comment on these changes.

At the same time, Alro shareholders approved the raise of the company’s share capital by 8 million dollars.

Furthermore, HVB Romania and bank Austria-Creditanstalt will syndicate a $105m loan (80 million euros), of which $40m for Alro and 65 million dollars for Marco Industries BV. Alro will use the money to expand the production capacity.
catalin.ciocan@zf.ro