According to Mangalagiu, the engineering works sector will be the most disadvantaged sector in 2015, like in the last two years.
Ceramica representative added that the evolution of the brick market in 2015 is hard to estimate, given the important political changes, adding that he is confident in a positive evolution for the company’s business and for the market in general.
According to Mangalagiu, 2014 was the first year of growth for the residential segment after 2008, as the new residential projects were cheaper, directed to the First Home government-backed mortgage lending program.
On the other hand, constructors started to look for cheaper materials, thus the brick market had to focus on cheap products, unprofitable for producers.
The unstable fiscal system is among the negative factors for the construction materials market, besides the increase of utility costs, Mangalagiu concluded.
This year, investment fund Advent sold its 84.88% stake in Ceramica Iasi to an investment fund registered in Hong Kong, in a transaction estimated at over EUR10 million.
The new owner, investment fund Asia Debt Management Capital (ADM Capital), said in the summer that it plans to turn the brick manufacturer into a regional leader, given its experience on the Turkish market, where it owns similar investments.
Founded in 1998, Asia Dept Management administers assets of $1.6 billion and has offices in Hong Kong, Istanbul, Mumbai, London, Beijing, Kiev and Alma-Ata.
In 2013, Ceramica Iasi had 213 employees and a turnover of over RON72 million, from RON64 million in 2012, while its profit was below RON100,000, from RON2.2 million a year earlier.