Companies / Romania
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Daewoo Craiova To Be Privatised
July 2006 | Privatisation AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Romania's Economy Minister Codrut Seres has gone on the record stating that Daewoo Craiova will be privatised as soon as the government has acquired a 51% stake in the firm. Daewoo Craiova's future has been uncertain since its parent company, South Korea-based Daewoo, went bankrupt in 2002. Daewoo Automobile Romania was founded in 1994 as a joint venture of Automobile Craiova (49%) and the South Korean manufacturer (51%); the government has a 72.4% stake in Automobile Craiova. Like many Daewoo plants in Eastern Europe, the Romanian subsidiary was not included in GM's buy-up of Daewoo's