Dallas, Texas 05/27/2014 (FINANCIALSTRENDS) – President and Chief Financial Officer of Oracle Corporation (NYSE:ORCL), SafraCatz recently mentioned that the company intends to expand its operations in Romania further and will look for location outside Bucharest. Oracle’s subsidiary in Romania is the company’s second largest subsidiary in Europe and the fourth most important worldwide. The Romanian subsidiary houses around 3,000 employees and the company recently inaugurated its new headquarters in Romania’s capital city, Bucharest during last week. Ms. Catz went to Romania for the inauguration and also met with President of Romania, Traian Basescu and Prime Minister, Victor Ponta.
Oracle in Romania:
Oracle Corporation (NYSE:ORCL) had around 80 employees in Romania back in 2006 which now have grown to almost 3,000 employees with subsidiary having almost all business lines present there. Over the period, the company shifted three offices and recently to a new headquarters. The company plans to hire few hundred more people over one year and then intends to expand with some more space outside Bucharest. Ms. Catz mentioned that the company wishes to contribute to the development of other parts of the country and hence it looks forward for space outside the capital city.
Ms. Catz regarded the highly trained workforce in Romania as one of the key elements for the Oracle Corporation (NYSE:ORCL)’s expansion in the country. She admired Romanians as well educated and for being the problem solvers who attempt to resolve things. Moreover, the country also offers an advantage of low paying jobs and many employees recruited from the country have successfully evolved to take up the executive positions in the company.
Oracle has reported $37.9 billion sales over past 12 months and houses close to 122,000 employees across its global operations. The Romanian subsidiary had reported sales of EUR 100 million in 2012 largely driven by Romanian state authorities as well as local banks like Banca Transylvania.
On Friday, the stock gained 1.52% and closed at $42.15. During the trade, the stock hit a new yearly high of $42.23.