Tender plans to hire 2,000 people in 2009

Businessman Ovidiu Tender, whose fortune is estimated at €600 million, is focusing in times of crisis on developing the business of the Vulcan energy equipment producer, for which he plans to recruit 700 employees in the coming year, adding to another 1,300 for his FECNE and Nuclearmontaj companies. “I do not intend to lay off any of the more than 16,000 employees, in spite of the financial and economic crisis. During a crisis, state energy investments are safe, and there are several companies controlled by various states who want to build electricity plants,” Tender told Business Standard. Vulcan has more chances of growth than Tender’s Prospectiuni business, which operates in the geological exploitation and prospecting sector, “where the price of oil is taking its toll on the whole industry,” he added. The businessman has computed the 2009 budget based on a RON 4/€1 exchange rate. He added that the investment budget has already been greatly affected by the current economic context, determining him to rethink his entire business strategy. “We are forced to become more cautious and careful with investments. Every company must learn to survive by its own means.” As a result, every company in the Tender group will invest its own funds next year, because it is difficult to attract foreign funds. Moreover, the businessman said he has halted the investment program due to a lack of resources. “It is known that resources for investments come mainly from selling shares, patrimony, fixed assets, and from bank loans. As all of these are blocked, we have also stopped the investment program.” As concerns bank loans, Tender valuated those taken out by the company below the level of €5 million. Tender added that he had been counting on liquidities in the real estate sector to finance at least the activities in Serbia. “I am presently waiting for the real estate sector to stabilize after all this panic.”  (S.D.)