Georgescu, Vincon: I will cut spending budgets in 2009 and put certain project on hold

Autor: Viorela Pitulice | Sursa: Standard.ro | Publicat: 01 dec 2008, 00:00

Luchi Georgescu, majority shareholder of the Vincon Vrancea wine producer, the largest player on the local market in terms of volume, said he will sharply cut 2009 spending budgets and put a series of projects on hold, excepting those already ongoing, and after already freezing his real estate projects.

ARTICOLE Viorela Pitulice

Viorela Pitulice

Georgescu said he will make the decision based on the evolution of the market. According to him, the food industry will be the last one hit by the crisis (in terms of revenues and sales), but its profitability rate will drop due to higher costs.

“I do now know who could make forecasts; I am trying to build strategies for adapting, restructuring,” said Georgescu. He added that he is still recruiting both at Vincon and the Meda cold meat producer, where he is one of the company’s shareholders.

The value of the domestic wine market is estimated at €450 million in 2008, and major players include Vincon, Murfatlar, Jidvei, and Cotnari.

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