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Real estate projects worth 800 million euros for Tractorul

Flavus Investitii, the owner of former Tractorul company of Brasov, has announced plans to draw investment funds of 800 milion euros to carry out real estate projects on the premises of the decommissioned factory.

Flavus officials say an industrial park and a real estate development will be carried out on the premises. Tractor manufacturing will continue only if a strategic partner is found that will make a greenfield investment. The same officials say tractor manufacturing using the obsolete equipment of the factory is impossible. They say the equipment will be sold as scrap iron for 4-5 million euros. Flavus has started talks with various tractor manufacturers in an attempt to allow Tractorul to stay in business. The talks will continue into autumn. Flavus is expecting UK YRM architecture firm to complete a master plan by this June for the development of an urban centre at Tractorul. Flavus officials say the first investment project on the premises of Tractorul will be opening a production hall for an American IT services company that will create between 500 and 800 jobs. They say 700,000 euros will be invested in re-planning some office buildings for the American company y. Flavus Investitii won the tender for the take-over of the industrial premises of Tractorul for 77 million euros, VAT excluded. Tractorul, established in 1946, is the outcome of a production restructuring of the IAR Brasof aircraft-manufacturing factory opened in 1925. Its name became the Tractorul Works of Brasov in 1948. In 1960 it put out the first entirely Romanian tractors. In 2004, Italy's Landini manufacturer came very close to taking over the company, but in 2007 Tractorul enters liquidation procedures for outstanding debts of some 243 million euros. Sursa: http://www.rompress.ro

Tags: tractorul euros flavus million estate

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