EnglishAutomatica Bucharest plans to acquire a parcel of land worth up to 4 million EUR in an industrial area in order to relocate its production activities. Shareholders will discuss the matter in the EGM scheduled for July 10th, as well as the structure of the company"s Management Board.
Last year, Automatica posted a net profit of 58 million RON, compared with earnings of just 1.06 million RON in 2005. The increase in the company"s profitability is mainly due to the sale of a 43.13% stake in Floreasca Plaza. The value of the transaction amounted to 3.4 million EUR.
The company manufactures industrial electrical distribution and control equipment and has a share capital of 3.98 million RON, divided into shares with a face value of 0.10 RON. The majority shareholder is Euroform Milenium SRL with 82.33% in the company, followed by the Eployees Association (PAS) with 8.48%. Automatica Bucharest is listed on Rasdaq as AUTT.
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