AVAS approves Mangalia Shipyard – LAR Lurssen partnership

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The State Assets Realization Authority (AVAS) approved the association of the Mangalia Shipyard (country south-east, at the Black Sea) with German group LAR Lurssen, AVAS informs.
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 contract will be signed after the Shareholders Meeting approves the deal.
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.
 
Lurssen was set up in 1875 in Bremen and has built so far over 13,000 ships; the group was also involved in the German production of armament in WWII.
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 Mangalia Shipyard has a share capital of 5.2 million lei (1.4 million euros) and specializes in the design, production, repair and modernization of maritime and river ships.
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.
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