Businessman Stefan Vuza launches Romanian Chemical Company, the largest industrial pole in South-Eastern Europe

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By Jerom Bolt
Chimcomplex SA announces the launch of plans to develop the strongest regional pole in the chemical industry by launching an investment plan of 115 million euros. Following a five-year business plan, validated by the international lending of Credit Suisse London and VTB Bank, worth 164 million euros, the company will exceed the EUR 1 billion turnover threshold in 5 years, becoming the thus the most important player in the chemical industry in the region.
“This event is remarkable for the chemical industry in Romania: we are launching the most comprehensive economic integration project in the chemical industry over the last 20 years. We are optimistic and we rely on the trust and collaboration between our team and that from Valcea, but also on the expertise and ambition of other professionals in the country who want to join us. We have a well-structured business plan, built on principles of economic efficiency, massive investment, the revival of research and the horizontal development of both combined. I would like to thank the managers of both companies, the consultancy firms who have worked every day on this far-reaching project, the authorities and the financial environment to understand the opportunity to relaunch the chemical industry in Romania, “said businessman Stefan Vuza, the President of the Chimcomplex Board of Directors.
The company expects to increase cumulative annual output from 500,000 tonnes to 700,000 tonnes per year and double labor productivity over the next 5 years by launching a sustained investment and research investment program where 8% of total investment planned, ie 4 times more than the other players in the region.
The main opportunities for the development of the new regional industrial pole are the strong demand both on the domestic and foreign markets, the experience in the chemical industry, the vision and expertise of the management team as well as the economic sustainability of the options identified and analyzed by Chimcomplex.
Thus, in 2017, Romania produced petrochemical and chemical products worth about 10 billion euros, but imported 8 billion euros. According to the company’s estimates, if only half of the deficit would be covered by domestic production, the chemical industry would see an increase of more than 30%. The Chimcomplex Board of Directors includes international specialists who bring expertise and vision. Thus, the new management structure includes Ştefan Vuza as President, Virgiliu Bancila as Vice-President and three members: the entrepreneur Ion Sturza, known for his expertise in the industrial companies in Romania, the investment banker Ilinca von Derenthall and the businessman Liviu Cojoc.
The acquisition of Oltchim’s assets by Chimcomplex and the launch of the new industrial pole revitalization plan were funded by VTB Bank Europe SE (Arranger & Agent, Senior Facility), Credit Suisse AG (Arranger & Agent, Mezzanine Facility) and Global Loan Agency Services Limited (GLAS) – Common Security Agent. Deloitte UK together with Deloitte Romania provided financial advice for preparing, structuring and obtaining credit. The transaction was assisted by law firms Hogen Lovells on English law and Bulboaca and Associates on Romanian law.

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