The deal was signed in March and is expected to be completed by mid-year, law firm Musat & Asociatii, which assisted Adesgo in the sale, said in a statement.
At the time of the deal, Adesgo was 99% held by Loar BV, in turn owned by Israel’s Argaman Industries.
Adesgo’s story started in 1926, when German Arthur Drechsel came to Bucharest and established a company to make and sell cotton and silk hose.
The company posted RON39.2 million revenue in 2021, an increase of almost 16% year on year, while losses widened to RON8.7 million from RON4.2 million in 2020, according to the latest Finance Ministry data.
(English version by Loredana Fratila-Cristescu)