Vulcan factories - one of the first industrial sites in Romania, developed in 1904 in southern Bucharest as a branch of the Austrian Joint Stock Company for the Manufacture of Machines and Wagons based in Brno, will be dismantled, and the land will be sold in a deal expected around EUR 35 mln, Adevarul reported.

The company had thrived before WW2 when it covered 80% of the high-pressure equipment market manufactured in Romania, and after WW2 when it produced equipment for Cernavoda nuclear plant - but it failed to survive the decades after the fall of communism.

Vulcan went bankrupt in 2019 and has been controlled by local businessman Ovidiu Tender since 2002.

Last autumn, Ovidiu Tender transferred all the real estate properties of the Vulcan plant to a new company, which he controls. The assets were taken over, at auction, by Vulcan UPE SRL, for EUR 13.1 mln, in the account of the claim held by this company.

After the demolition of the premises, which will cost EUR 7.3 mln, the businessman will still be left with some profit.

andrei@romania-insider.com

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