German group Systec has acquired a 7% stake in the Targu Mures-based company AAGES, which produces industrial equipment.

Systec aims to own a 10% stake in the Romanian company, according to sources close to the deal cited by local Profit.ro.

AAGES recorded a net profit of RON 1.76 million (EUR 383,000) in the first six months of the year, up 88.2% year-on-year. Its operating income increased by 28.6% during this period to EUR 13.29 million (EUR 2.9 million).

The company was founded in the early ’90s by 10 engineers and scientific researchers who worked in the ‘80s at the Bucharest Institute of Research and Development for Electrical Engineering, the Targu Mures branch.

AAGES listed its shares on the Bucharest Stock Exchange in June this year. The company is currently valued at over EUR 8 million.

editor@romania-insider.com

(photo source: Aages.ro)