BUCHAREST, Romania (Nov. 19)—U.S. farm and off-the-road tire marketer Galaxy Tire appears set to acquire a controlling interest in Yugoslavian tire maker Rumaguma A.D., as the Malden, Mass.-based firm made the only bid in Serbia's privatization program before the Nov. 15 deadline. Another rubber processor, Vulkan A.D., failed to attract a bidder and is likely to be restructured, according to Marius Manoiu, general manager of Central Europe Trust Co. Ltd. Bucharest-based CET is handling the sale of a 67.6-percent stake in Rumaguma and a 70-percent stake in Vulkan on behalf of Serbia's Privatization Agency. Restructuring options for Vulkan include reducing the workforce by about 30 percent and "externalization" of some of the company's non-core activities, Manoiu said.
Galaxy Tire may acquire interest in Rumaguma
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