24 December 2002

Tofan Group has turnover of USD 100 million in 2002 (Rompres)

Bucharest, Dec 24 /Rompres/ - Tofan Group has had in 2002 a turnover of USD 100 million, at the same level with the 2001 one, after the sale of three Tofan factories to French tyre maker Michelin. Businessman Gelu Tofan bought 50% of the shares of the tyre business - owned by the investment bank Nomura International - and he wants to set up an industrial park on the platform of the Bucharest-based Danubiana factory. In 2001, the world's largest tyre maker, Michelin, bought most of the businesses of the Tofan company. The main seller was Nomura International, which received some USD 80 million for the stake owned in the Romanian company. The documents for the Tofan industrial park are under analysis and authorization at the Development and Prognosis Ministry. "We have some 160 ha of land on which businesses can be developed, with all the necessary infrastructure," said Gelu Tofan.

At present, Tofan Group means tyre manufacturing, tyre sale by a national network of 40 outlets, tyre research and design, auto transport, bread-making, consultancy in communication and trade via satellite, agriculture and food industry. In mid-December, Tofan Group delivered the first quantities of goose meat on the Bucharest market. In the next 3 years, the number of geese will reach 300,000, and the turnover will be worth USD 5-6 million annually.

"Tofan Group has turnover of USD 100 million in 2002." Rompres 24 December 2002.

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