Romanian businessman Eusebiu Gutu, who also owns the major bakery producer Pambac Bacau, took over, through his company Popasul Trebes, the Chemgas Slobozia chemical platform.

The seller is insolvent fertilizer producer Chemgas Holding owned by Ioan Niculae through his group Interagro.

Popasul Trebes paid RON 124 million (EUR 25 mln, VAT excluded), namely 100% of the evaluation established by the court-appointed insolvency firm Expert Insolventa for Chemgas Slobozia's assets, Ziarul Financiar reported. The buyer plans to take over the labor force and restart the activity of the chemical plant in Slobozia.

In early 2020, Interagro announced that it reopened the Chemgas Slobozia plant, with a daily capacity of 1,500 tonnes of urea, 1,100 tonnes of ammonia, and 900 tonnes of ammonium nitrate. All the factories of Interagro group were closed in 2014-2015 amid rising gas prices after the Government liberalized the gas market for industrial consumers.

This is not the first deal involving Popasul Trebes and Interagro. In 2018, the Bacau-based company bought RON 154 mln (EUR 31.7 mln) worth of debt that Banca Transilvania held over Interagro SA, according to Profit.ro.

andrei@romania-insider.com

(Photo source: Pixabay.com)