Chimcomplex completes Oltchim integration, appoints new executive team

One year after the acquisition of Oltchim’s assets, Chimcomplex has completed the integration operations and appoints a new executive team.

The newly appointed executive team is supported by the board of directors on principles of corporate governance, and together they will implement the company’s development plan for 2020 – 2022 period.

The new CEO of Chimcomplex is Tivadar Runtag, starting February 2020. Throughout his career he has held management positions in Hungary, Turkey, Czech Republic and Romania, within international companies such as OMV and Shell.

“Chimcomplex is a powerful company, developing on the international market. I look forward to implementing the new strategy to transform Chimcomplex into a sustainable, market-oriented and financially stable regional chemical company, built on a valuable tradition and with a clear vision that promises growth,” said Tivadar Runtag, CEO of Chimcomplex.

Chimcomplex has been undergoing an extensive transformation phase since 2017. The company has focused on significant debt reduction, introduced a simpler, more integrated and responsive organization and started a program of substantial cost savings. In 2018, Chimcomplex Borzești acquired 5 groups of Oltchim assets, thus the newly created entity became the largest chemical compound in Romania.

The new 2020-2022 development plan aims at profitable and sustainable growth, capitalizing on the gains made during the transformation. The company is now focusing on revenue growth and operational efficiency.