Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Pioneer Romania, a member of the American group DuPont that is worth $27 billion a year, has announced the completion of a $27 million (€20 million) investment in what is meant to become the largest seed processing plant in Europe, in Găneasa, Ilfov county (Bucureşti region).
After entering the Romanian market in 1994, Pioneer has invested over €1.5 million in a warehouse and a research centre for sunflower hybrids for Eastern Europe.
Pioneer new investment will create 80 permanent jobs, as well as some 200-300 temporary jobs, during the harvest season. Moreover, Pioneer will subcontract parts of its activities to some 100 farmers in performing specific tasks.
Pioneer estimates some €12 million turnover for this year, as compared to €8.6 million in 2002 and 10.4 million in 2003. Currently, Pioneer cultivates 2,400 hectares for corn seeds and 1,050 hectares for sunflower seeds. It is estimated that by 2006 the seed production will reach 12,000 tones for corn (3,600 hectares) and 1,500 tones for sunflower (1,500 hectares). The expansion will continue in 2007, when Pioneer will reach a production capacity of 24,000 tones of seeds a year.
Eurofound (2005), Pioneer, Business expansion in Romania, factsheet number 61660, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61660.
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