bpv GRIGORESCU advises Siemens on the merger of four production facilities

bpv GRIGORESCU advises Siemens on the merger of four production facilities - 7 September 2010

bpv GRIGORESCU has advised and assisted long standing client Siemens in the reorganization of four production facilities in Romania. The project involved, inter alia, the merger of the companies Siemens Motor Systems SRL, Sykatec Systems Components Application Technologies SRL, Sie-mens Electrical Installation Technology SRL and SIMEA Sibiu SRL into one entity cumulating a turnover in excess of RON 120 million and approx. 900 employees. By this corporate reorganization Siemens aims to improve the efficiency and the decision making of these Romanian subsidiaries, concentrate their economic resources and exploit all potential synergies.

The team of bpv GRIGORESCU was led by partner Alexandru Rusu, who heads the firm’s Corporate practice.

The project required the observance of very strict deadlines given by group financial management and report-ing considerations. This was particularly difficult to achieve because, following the reforms of the judicial sys-tem introduced at the end of 2009, merger procedures now involve both commercial courts and commercial registers, making the procedures significantly lengthier. Close management of parallel filings and of court and registrar hearings ensured compliance with the tight client deadlines. In addition, the project involved various financial, tax and employment considerations.

The Corporate and Corporate Reorganization practice of bpv GRIGORESCU accounts for more than 25% of the firm’s overall practice.

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Siemens Romania is the leading company which holds complete innovating solutions in the areas of Energy, Healthcare and Industry. This statute has been acquired in over 100 years of activity in Romania, a period that has been synonym of technical achievements, innovation, quality and trust. The Siemens headquarters is located in Bucharest. The company has regional representation in Brasov, Cluj, Constanta, Craiova, Galati, Iasi, Oradea, Ploiesti, Sibiu, Targu Mures, Timisoara, and approximately 2100 employees.