Chimcomplex maintains competitive edge with major strategic investments

For Chimcomplex, 2023 marked the completion of two major national investments in record time: the largest cogeneration plant built in Romania in the last 11 years and the first trigeneration plant in Europe. Business Review sat down with Stefan Vuza to explore his vision and learn about the company’s strategy for the coming years.

By Anda Sebesi

What is your leadership style and how does it support your company’s performance?

I’m an entrepreneur and I oversee a Group consisting of 19 companies, with 127 managers under my command, who in turn supervise over 3,100 employees. I follow the principle of “if you lose, keep going; if you win, keep going” and strive to see the glass half full.

I have never shielded away from work, and my leadership style is based on encouraging new ideas, empowering employees, and taking risks. By fostering creativity and unconventional thinking, I encourage teams to push their boundaries and explore new opportunities. Additionally, I promote an internal culture where every team member feels motivated to contribute to the company’s success.

All Chimcomplex employees are also shareholders of the company, through an internal reward project via a stock option plan. This approach allows me to build strong teams and adapt quickly to market changes, ultimately contributing to Chimcomplex’s performance and continuous success.

What were your main professional achievements in 2023?

2023 was the year when Chimcomplex completed two major national investments in record time: the largest cogeneration plant built in Romania in the last 11 years, producing 49.6 MWh, and the first trigeneration plant constructed in Europe, at our Ramnicu Valcea plant. I have always said that we are putting Romania on the global green map, and we are staying true to our word with each investment we make.

What were the biggest challenges your business sector faced last year and how did you navigate them?

In the context of a continued decline in consumption that began in the second half of 2022, Chimcomplex’s sales volume decreased by 38% in 2023 compared to 2022. However, efforts to reduce costs resulted in an operational profit margin of 8% in 2023. We are exceeding indicators in a context where the European chemical industry is facing its most severe economic recession in the last six decades: demand is decreasing, investments are shifting to other regions, and energy and gas prices are 400% higher than they are in the US, China, and the Arab countries.

In Europe, chemical plants that continue operations are running at half capacity, and 26 of them have permanently closed (with 75,000 employees laid off). In this challenging context, Chimcomplex manages to remain balanced precisely because of its complex and diversified production structure, extended to 22 different product groups. The company continues to implement specific measures to increase energy efficiency, optimise processes, and implement strategic investments, such as: the construction of a “High-efficiency, flexible gas cogeneration plant in the centralised heating sector of Ramnicu Valcea,” co-financed through the National Recovery and Resilience Plan; an energy capacity expansion project on the A6 Dej platform, which will strengthen the company’s position on the energy market. The modernisation of the Dej plant, which currently operates on biomass and produces 8 MW, will generate up to 80 MW of electricity and heat, to be used in a new chemical processing factory.

Goals for 2024:

Accelerating investments in 5 strategic projects initiated 3 years ago and now reaching maturity.
GreenComplex will ramp up production activities in the field of green chemistry and chemical recycling
Chimcomplex is launching a feasibility study for Romania’s first bio-chemistry plant, with production activities in Iasi and research facilities in Bucharest and Buzau.