Build Corp, the company controlled by George Ivanescu, one of the most discreet businesspeople of Iasi, last year climbed to a spot among the top ten construction firms, after deriving 132m-euro turnover, owing to the building of Iulius Mall shopping centres, the biggest mall network in the country, developed by Iulian Dascalu.
Build Corp has in recent years been involved in the construction of Iulius Group's four malls in Iasi, Timisoara, Cluj and Suceava and is developing Palas Iasi mixed real estate project set to require 250m-euro total investments.
The company has changed its strategy this year and invested to boost capacities to manufacture pre-cast products for road infrastructure as real estate market investments have dwindled.
"Because of the real estate sector contraction, we shifted to boosting capacities to produce road infrastructure elements," says Ivanescu.
Moreover, because of late payments by clients, the company decided to deliver its products only to those with a good payment capacity, despite their smaller size.
The company last year derived turnover worth 132 million euros, up 81% from last year, being one of the top ten construction firms in the country. However, Ivanescu expects turnover to go down this year. "We're naturally experiencing a slight turnover decrease on the constructions segment, but we have increases on the precast product segment".
Build Corp in 2006 acquired Somaco Iasi precast products maker and is now a major supplier of elements for road and bridge construction of Moldova.
Build Corp this year has felt the financial crisis fallout as a result of the dwindling real estate investments and stepped up negotiations with suppliers for longer payment terms, rationalised consumption and optimised personnel work.
"Our company has not shut down any of its operations, but has been permanent
