Urdareanu sells divisions to finance expansion

I think there are some 14-15 of them, but we are still waiting for further offers until February,” he told Mediafax news agency. Urdareanu added that in August, when he decided to sell the divisions, these were worth a total €50 million. “I cannot provide an exact evaluation now, although the companies are the same as before the outbreak of the crisis,” he said. With funds obtained from the sale, the businessman plans to invest in companies specialized in building maintenance services, facility management, and road traffic management. “These markets have a great potential. The two companies that I have put up for sale are top rank, leaders on their operation segments. They are profitable, but they no longer have great growth potential, because they have reached a peak,” he said. UTI group’s strategy includes growth through acquisitions, but decisions on the issue have been postponed for at least six months, due to the crisis. “We had planned to acquire several traffic management companies, traffic signal head systems in many cities in Romania, but also guard and security companies from the Republic of Moldova. Urdareanu controls 60 percent of UTI. He said that 2008 was the best year since 1990, when the group, specialized in security services, was established. Its turnover is set to amount to €154 million this year and to €170 million in 2009. The businessman was not available for comment before the closing of this print edition.