Romanian employee owned car parts manufacturer Compa Sibiu puts profits into top gear

Romanian employee controlled car parts manufacturer Compa Sibiu has recorded big increases in profits, despite the low demand generally in Europe for new cars. Profits rose 70 percent in the first nine months of 2012 compared to the same period last year, reaching around EUR 4.8 million according to its most recent financial report. Meanwhile, Q3 profits saw an even more impressive fourfold increase on 2011. Export fueled sales climbed over the first three quarters of 2012 by 12.6 percent to reach over EUR 88 million. Compa Sibiu was privatized over ten years ago, like many other state owned firms, via a Management Employee Buyout (MEBO). It has been something of a success story, managing to develop without a big, external shareholder. According to Ziarul Financiar, Compa's sales have grown at an accelerated pace in recent years. Liam Lever, liam@romania-insider.com