The sale of Macon Deva, one of the largest autoclaved cellular concrete (ACC) makers in Romania, has made over 720 managers and employees of the company rich overnight, with some of them becoming millionaires in euros.
In 1994, Macon Deva was privatised by MEBO (Management and Employees Buy Out), a scheme that had most of the companies in the construction industry transferred to employees for a pittance.
Polish investment company Enterprise Investors (EI), one of the biggest fund managers in Central and Eastern Europe paid approximately 35 million euros to buy 99.7% in Macon. The deal was finalised on September 1, says Cristian Nacu, EI's representative in Romania.
Liviu Cucu, the former general manager of the company and his wife Felicia collected more than 3.66 million euros from the sale of the stakes they had, which together amounted to almost 10.75% in Macon. Liviu Cucu held 9.75% in Macon directly. The list of the new millionaires from Deva continues, Oliviu Matei, former deputy chief executive, got over 2.1 million euros from Enterprise Investors for his 6.2% stake.
Cornelia Stroescu, the financial manger and third highest-ranking official in the company, got 1.3 million euros for her 3.85% in Macon.
At the same time Danuta Muntean Birtan, member of Macon Deva's Board of Directors received 1.56 million euros for her 4.48% stake.
"As the top three managers of Macon were also shareholders, they left once they sold their interests. The general manager position will go to Marius Marin, who helped us with this transaction. The sales and production managers will be selected from the rest of the company's employees," stated Cristian Nacu yesterday.
Nacu also announced a new financial manager was to be brought on board.
Marius Marin has previous management experience with companies such as Mefin Sinaia, Uton Onesti and t
