Telecom decline hits Electromagnetica

Electromagnetica Bucharest posted approximately $11 million turnover last year because of the telecom decline, compared with $17.9 million in 2001, general manager Eugen Scheusan said. “The telecom sector has accounted for a large share of our turnover over the last few years and the shrinking demand hit our financial results. We saw ourselves forced to shift production to other sectors, such as electrical power meters, as well as automation devices. We also target assembling services in view of exports, which shows in our establishment of a specialised company,” Scheusan said. Electromagnetica shareholders at the end of 2002 decided to set up Electromagnetica Prest Serv, to operate as a branch of the company. “We set it up to run an assembling export contract,” Scheusan specified without providing any details as to the exact amount and duration of the contract. ZF