Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Biomart, a company of the Portuguese Martifer group, whose operations span construction, real estate and energy sectors, will invest around €55 million in building a factory in Lehliu Gară (Sud region, Călăraşi county).
The factory will make bio-diesel, a fuel obtained by processing rape and sunflower oil which can be used in diesel engines without requiring any modifications to accommodate it. The price per bio-diesel litre, excise duties and VAT exclusive, is currently one third of the price of a diesel oil litre and its use is spreading rapidly in the west.
‘The investment will be made over five years. The company will open a bio-diesel production facility first that will run on rape oil acquired from various suppliers and then invest in its own rape processing facility to start making oil, as well', the major of the town of Lehliu Gară said.
The construction works on the bio-diesel factory will begin in September 2005 and take about one year. Biomart bought 10 hectares of land. The factory will have a production capacity of 72,000 tonnes of fuel per year, with the entire output set to be exported.
In order to secure raw material, the investors have expressed intent to sign contracts with farmers for some 200,000 hectares of rape and sunflower crops. The investment would thus create 150 jobs in addition to the 180 offered to seasonal farm workers.
In addition to local tax and duties exemptions, the Portuguese company will benefit from the incentives offered by law for investment projects that exceeds one million dollar.
Biomart officials anticipate an annual turnover of 80 million euro from the bio-diesel factory alone. They said the refinery will be the biggest of its type in Europe and will secure 30% of Romania's ecological fuel needs. ‘Romania will be at the centre of Martifer foreign investments and will cover its expansion needs in Eastern Europe', said Carlos Gil, the manager of Biomart.
The Portuguese Martifer group plans to carry out investments worth almost 140 million euro in Romania, with the support of five companies: Biomart, Agromart (a future supplier of seeds for Biomart), Martifer Energy (a producer of aeolian power), Martifer Constructii (a metallic structures maker) and Martifer Invest (an operator on the real estate market). In Europe, Martifer also operates in Poland, Spain, Germany and Portugal.
Eurofound (2005), Biomart, Business expansion in Romania, factsheet number 62208, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/62208.
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