Hungarian construction company Vegyépszer Zrt has purchased Romanian peer Road and Bridge in a privatization transaction, Hungarian-language Romanian daily Krónika reported on Wednesday.
Vegyépszer paid €140,000 for the company and agreed to take over almost as much in debts, Vegyépszer deputy CEO László Farkas told Krónika. Farkas said Vegyépszer planned to invest €1.2 million at Road and Bridge on the long run.
Road and Bridge is not expected to generate a profit from road building for another three or four years, but in the meantime, Vegyépszer plans to bring its experience building homes and environmental projects to the market in Transylvania, where Road and Bridge is based. Vegyépszer will first set up a modern asphalt mixing plant at one of Road and Bridge's units, Farkas said. Some Hungarian managers and engineers will be required at the start, but their positions will soon be taken over by locals, some of whom will be trained by a school in Debrecen under a special agreement with Vegyépszer.