“The first step in this association will be the upgrading of buildings, equipment and machinery, followed by a transfer of technology and know-how,” said Lurssen Managing Director Stephan Friedrich.
AVAS President Teodor Atanasiu said the partnership solves the Romanian army’s problem regarding the maintenance of the two marine frigates and could have a positive effect on the entire local market.
Friedrich indicated that depending on the contracts Lurssen will sign with the Romanian state, the company will decide if it will take over the remaining 49 percent shares within one year. Friedrich added that the company chose Romania because it is a member of the European Union and NATO. “This is a very important partnership for Romania, because it will have to modernize its fleet, which will attract partnership contracts with the state. Lurssen’s representative further said that the company has experience in taking over bankrupt shipyards and making these profitable. Regarding future acquisitions in Romania, Friedrich said that this will happen only if the Mangalia shipyard cannot handle an excess of orders. The yard’s yacht production will not be expanded at present, although it is possible that parts for large yachts could be manufactured in future for export.
Mangalia shipyard’s turnover stagnated at €2.3 million in the last two years. Losses were up 25 percent in 2007, to €400,000, and the number of employees was reduced by half.
