Slow year for GreenForest

Sales of Timisoara-based GreenForest company, a producer of furniture for the domestic and foreign market, in the first half of this year increased by 2.3% as compared to the corresponding period of last year, to 0.67 million dollars. The company’s representatives say, however, that the foreign investments decline in this region and the slowdown in Western Europe have had a negative impact on the company’s sales. Since production largely consists of office furniture (70%), the company’s sales largely depend on the pace of new investments and less on individual consumers’ purchasing power. “In western Romania, 2002 and 2003 witnessed a slowdown in the pace of foreign investments that represented the main drive of the office furniture market,” Sebastian Capotescu, the company’s executive manager, told Ziarul Financiar. In 2002, GreenForest derived turnover worth 1.52 million euros, 1.3% lower year-on-year. GreenForest’s customers include international companies such as Coca-Cola, McDonald’s, Alcatel, Siemens and AIG Romania. ZF