Steilmann Bukarest, one of the top five companies on the textile market in Romania in terms of turnover, has been acquired by Miro Radici, Germany, in an international transaction. Miro Radici, an over 600 million-euro business, announced the takeover of the Steilmann group, which also has the biggest apparel chain in Romania (about 50 locations) operating under its name, according to the latest available data. The value of the transaction was not revealed.
Steilmann Bukarest is a business wherein businessman Romeo Pomponiu owns 49%, and Britta Holding BV registered in the Netherlands, whose manager is Ingrid Steilmann, owns the rest.
Steilmann Bukarest posted 30 million-euro turnover in 2005, an increase of 50% on the previous year, and net profit of more than 4 million euros.
When asked by ZIARUL FINANCIAR for comment on the deal, Romeo Pomponiu, who is also the general manager of the company, replied, "I'm not making any statements because the data regarding the transaction are confidential."
The representatives of Steilmann and Miro Radici had not provided any comment by the time the story was ready for print. Certain players on the textile market do not expect any short-term changes in the company's structure; the strategic decisions about the expansion or the downsizing of the business in Romania will not be made any sooner than one or two years. The company has 1,421 employees, and production facilities in Sighetu Marmatiei, Satu Mare, Craiova and Sibiu, according to the latest data available.
Like other companies in its line of business in Romania, most of Steilmann's production is done under outsourcing contracts and is exported. Miro Radici had held 50% in Steilmann since 2003; the sale of the company was necessary in order to avoid bankruptcy, Steilmann officials say.
Miro Radici announced it would keep the Steilmann
