Romanian investors Dragos and Adrian Paval, the owners of Dedeman - the biggest do-it-yourself retailer in Romania, are reportedly negotiating the purchase of a 140-year-old factory, the Letea paper plant, in Bacau.

The factory, which has been dismantled, has about 30 hectares of land, which the Dedeman owners may use for building a new football stadium, according to unofficial sources quoted by the local media.

Dedeman has submitted an offer for the purchase of the real estate assets of the factory, which was reportedly accepted by the factory's liquidator, Sierra Quadrant, Adevarul daily reported.

“It is a good deal for Dedeman, because the property is located in an industrial area, where it will be easy to obtain  [construction] permits,” Florin Dragomir, associate coordinator of the Sierra Quadrant, said.

The Letea Paper Factory in Bacau, founded 140 years ago through a Decision of the Government led by liberal PM Ion C. Bratianu, has been for centuries the largest supplier of newsprint and stationery products in the country. It went through nationalization after 1945, experienced a massive re-technologization in the communist years, and after the Revolution, in 2003, it was privatized and went into the possession of former mayor Dumitru Sechelariu. In 2011, the factory went bankrupt.

editor@romania-insider.com

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