Techcom GmbH in Talks to Buy Insolvent COS Târgoviște in Romania
COS TârgovișteSeeNews

Techcom GmbH in Talks to Buy Insolvent COS Târgoviște in Romania

CAPITAL, citing sources close to the discussions between the two parties, reported that German Techcom GmbH wants to buy the Special Steel Plant

CAPITAL, citing sources close to the discussions between the two parties, reported that German Techcom GmbH wants to buy the Special Steel Plant COS Târgoviște in Târgoviște in Romania, a company currently in insolvency. COS Târgoviște Special Steel Plant, formerly known as Mechel Târgoviște, is owned by Nikarom Invest from Bucharest. The Targoviste Special Steel Plant was privatized in 2002, being taken over by the company Conares Trading, registered in Switzerland. The value of the transaction was about USD 35 million. Conares later became part of the Russian group Mechel. In February 2013, Mechel sold all its properties in Romania, including the Targoviste plant, for a symbolic sum of 230 lei to Nikarom Invest in Bucharest and Mechel Targoviste returned to its old name of the Plant of Special Steels Targoviste. The company is currently controlled by the Cypriot offshore Mazur Investments Ltd, with over 86% of the shares. The largest creditor, which has officially paid the industrial asset against the cancellation of budget debts, is the legal vehicle Alphard Financial Corp, registered in the British Virgin Islands. The special administrator of the plant is the Russian Oleg Shvedakov.

Since its inception in 1978, the Târgoviște Special Steel Plant has been equipped with modern technology for the production of special alloy and high-alloy steels necessary for the development of the national, civil and defense industry. Within the plant, the Block and Bar Forging section was also created, which was equipped, through a capital infusion of over USD 90 million at the quotation of the '80s, with state of the art radial forging machines.

Techcom GmbH was founded in the 1990s and specializes in the technological modernization of facilities in the metallurgical industry, active mainly in the former Soviet Union. Ased in Munich, it is controlled and run by German businessman Mr Edgar Schumacher. Outside of Germany, Techcom currently has offices in Russia, Ukraine and Belarus, as well as partnerships with leading companies in South Korea, India, China and the United States. According to the latest available data, the company had sales of over USD 23 million in 2018.

In 2012-2013, Techcom GmbH took over the Croatian metallurgical producer Adria Steel from Split and undertook investments of over 8 million euros in its development. However, the company went bankrupt by the end of 2015, among other things because it would have lost the main export market, that of Algeria.

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