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ALRO’s shareholders approved merger with Alum
Tue, 07/11/2006 - 00:00
Initially the operation through which ALRO should merge through absorption with the company in Tulcea was planned to take place last year, but the deal was blocked, according to ALRO, by the court case opened by APAPS in order to contest the capital increase made in June 2005, which had as result the increase of Dutch Marco Industries’ participation in ALRO’s capital from 76.08% to 85.26%.
ALRO’s management announced in April that the company might merge during this year both with ALUM, as well as with aluminium processor ALPROM, following as such the vertical integration trend within the aluminium industry.
ALRO’s management announced in April that the company might merge during this year both with ALUM, as well as with aluminium processor ALPROM, following as such the vertical integration trend within the aluminium industry.
Aluminium producer ALRO controls the majority stakes of ALUM and ALPROM.
ALUM registered during the first quarter a turn-over of RON 137.6 million and a net profit of RON 3.84 million, after closing the same period of last year with losses of RON 17.7 million.
ALRO reported for January-March a net profit of RON 95 million, seven times more then during the similar period of 2005, and a turn-over of RON 575.6 million.
The company plans to reach during 2006 a turn-over of USD 636.7 million and a profit of USD 93 million.