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.
After being declared bankrupt and closed down in June 2005, Mecanica Vaslui was sold to Fabrica de Utilaj Complex (Complex Equipment Factory) in Negreşti (Nord-Est region, Vaslui county). As no satisfactory bid was made during the first six auctions, the price of sale dropped from 148 billion to 33 billion old lei (about 900,000 euro) and the company was finally sold at the seventh auction.
The new owner promised to resume production and hire 250 employees by the end of 2005. The first to be targeted for recruitment were former employees of Mecanica Vaslui, previously made redundant in June 2005.
Mecanica Vaslui was a manufacturer of mechanical clutches and hydraulic couplings. ‘Indeed production will be resumed, but by a different company. Mecanica Vaslui, as we know it, has ceased to be. What matters is that a powerful investor has bought the equipment and production halls and will re-launch production instead of selling the factory as scrap iron', declared the manager of Public Finance Administration (Administratia Finantelor Publice) Vaslui.
Eurofound (2005), Mecanica Vaslui, Merger/Acquisition in Romania, factsheet number 62406, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62406.
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