Urex Rovinari, taken over by former executives

Societatea Uzina Mecanica Rovinari (UMR), set up in the middle of last year by former executives of the Urex Rovinari plant, won the bidding for the sale of the majority stake in Urex on Friday, for 12.5 million RON (about 3.5 million euros). Mariana Somnea, representing the receiver of Urex, stated that UMR placed a bid of 12.585 million RON, based on a starting value of 7.5 million RON. Five companies took part in the auction. UMR, which also has businessman Constantin Popeci from Craiova as a partner, will have to pay the amount it bid within 30 days. The company”s core business includes metal constructions, underground and surface mining installations. The company was set up in 1997, when it broke away from the former Lignite Regie and was taken over in 1999 by Alexandru Crisan, owner of the Alexander group. The company later encountered major financial problems and was placed under administration. ZF