Copos resorts to survival tactics

 Furthermore, we changed Ana Imep’s strategy and have moved to niche products that cannot be manufactured in China. China is an excellent competitor, who could be faced with increasing costs due to the appreciation of the dollar. This year’s exports will not be worth €50 million, but rather €30 million,” said Copos in an interview for Business Standard. Ana Imep, which exports over 95 percent of its motors to Europe, the United States, Russia and Turkey, has budgeted turnover in 2009 down 30 percent compared to last year, due to the financial crisis and Chinese competition. Betting on this strategy, the businessman believes that the first economic segments to rebound rapidly will be those that work with foreign markets, namely exporters. Ana Imep is not the only segment of Ana Holding for which Copos is expecting a drop in turnover, but it is the only company where he has already approved the layoff of 10 percent of staff. Copos is expecting Ana Holding’s business to drop 20 percent compared to 2008, to some €100 million, although the decline for the group’s hotels is forecast to be only 10 percent. The owner of several hotels believes that the Hilton hotel in Bucharest will continue to be Ana Holding’s business engine in 2009, as it has been for the past two years. “We are in advanced negotiations with BRD-SocGen [Banca Romana de Dezvoltare-Societe Generale] for a €25-30 million loan” Copos added. (M.B.)