Chimcomplex (BVB: CRC), the largest chemical plant in Romania controlled by Stefan Vuza, announced that it bought 94.4% of the share capital of Sistemplast Râmnicu Vâlcea - a company that specializes in providing integrated solutions for mechanics, design, construction, verification and monitoring of industrial works.

The 94.4% stake was initially purchased by another of Vuza's companies - Uzuc Ploiesti - in 2020 from bankrupt Oltchim Râmnicu Vâlcea.

"Aristotle said that the whole represents more than the sum of the component parts. And this quote certainly applies to us," said Victor Avram, CEO of Chimcomplex.

Sistemplast operates on Oltchim - one of the two industrial platforms currently operated by Chimcomplex.

The total value of the transaction amounts to RON 15 mln (EUR 3 mln), Oltchim announced in a note to investors at Bucharest Stock Exchange (BVB).

The acquisition supports its strategy of growing and investing in new industrial capabilities. At the same time, Chimcomplex continues to reintegrate the plants of the Oltchim platform, which it took over in 2018.

andrei@romania-insider.com

(Photo source: the company)