AVAS approves Mangalia Shipyard – LAR Lurssen partnership
The AVAS Board on August 26, 2008 commissioned its representative in the Mangalia Shipyard Shareholders Meeting to vote for the approval of the company's association with Lurssen LAR Investment GmbH.
The association agreement is the last stage set forth in the AVAS-approved 2008 restructuring program for the Mangalia Shipyard; the Shipyard's economic situation has worsened an the company went deeper into debt. The gross average wage here is very low compared to the median in the area, so that a part of the skilled workforce has left.
In early August, AVAS president Teodor Atanasiu said that the association with Lurssen does not shout out the company's privatization.
Blohm & Voss, the naval constructions division of German concern ThyssenKrupp, was also interested in the takeover, but in the end it quit plans to participate in the privatization of the shipyard.
The company has been unsuccessfully put up for privatization several times, being on the list of 41 companies which switched from the State Industry Participation and Privatization Office (OPSPI) subordinated to the Ministry of Economy to AVAS.