The Cluj-based group of companies Compexit, a dealer of the Skoda and Seat brands, has budgeted investments worth approximately 1.8 million euros this year to build a new subsidiary at Bistrita and to expand its office in Cluj-Napoca.

The construction works for the subsidiary based in Bistrita will start this month and will be completed by the end of June, with the investment being estimated at approximately 1 million euros, according to the information provided by the companyes management.

"We intend to purchase two more small area plots in Cluj, located near the plots we already own and want to use these new sites to expand our parking space, as well as to expand the tin workshop and dye factory," Dan Palagheanu, general manager and one of the shareholders of the Compexit Group told ZF Transilvania.

Early this year the Compexit management made an assessment of the company, which put the groupes market value at over 10 million euros.

"The action was necessary, considering that the car market is expected to alter in the wake of the EU integration. Some companies may be sold and we may even witness some mergers over the next period, therefore we want to be prepared," Dan Palagheanu also stated.

The Compexit group derived turnover worth 8.5 million euros in 2005, and the companyes managers estimate it will range around 10.7 million euros this year.

Compexit Trading comprises approximately 2,800 clients in its portfolio, such as Banca Transilvania, Astral Telecom, Hanna Instruments, Robert Bosch, Agressione, MTC and Tricotaje Somesul. According to Compexit management, the corporate clients prefer the Octavia model.

The company saw its turnover rise by 63% in 2005, with the Skoda models accounting for a 60% total of the groupes sales.

The Compexit group comprises Compexit Trading - dealer of Skoda, Topcar - dealer of Seat,