Romanian equipment producer Vulcan lands USD 54 mln contract with Kuwait Oil Company

Industrial equipment producer Vulcan Bucuresti, part of the Tender group, controlled by businessman Ovidiu tender recently won a USD 54 million contract with the Kuwait Oil Company, to produce 210 pumping units. This five-year contract comes soon after the Romanian company signing other deals for projects in Dubai and Serbia.

The EUR 4 million contract in Dubai is with Black Sea, for which Vulcan will create boilers for use under pressure, to be delivered to Iraq. The other contract, of some EUR 1.2 million, is with Belgium-based Wincke, for the production of pressurized equipment for Serbia. The flow of new contracts will continue with a EUR 7.5 million deal with Babcock Volund, for the creation of two boilers for Copenhagen city hall. Vulcan is also in talks with an Israeli company over a potential EUR 15 million contract. Vulcan, listed on the RASDAQ market of the Bucharest Stock Exchange, wants to achieve a EUR 35 million turnover this year, from EUR 23 million in 2011. The company, with 900 employees, is one of the largest suppliers of boilers, industrial equipment and pumping units. Its market capitalization on the stock exchange is of around EUR 3.5 million. editor@romania-insider.com