The process of accession of the former communist countries into the EU was expected to facilitate the emergence of industrial relations (IR) actors with roles similar to those of their counterparts in continental Western Europe. Examining the role of the state, employers (and their representatives) and trade unions, this paper shows the extent to which such comparable functions among IR actors can be observed in Romania. It also explores whether or not privatization has led to deeper changes in the role of IR actors at the company level. The paper focuses on the functions of the IR actors in four large chemical companies (two private and two state-owned enterprises) and investigates the impact of IR practices at higher levels of developments at the company level. In order to highlight and contrast the developments in the Romanian cases, brief comparisons with other Eastern European countries are presented. The findings indicate that while the three main actors have started to function similarly to their Western European counterparts, there is considerable continuity from pre-1989 era, indicating that institutional changes are path dependent. Overall, evidence does not show substantial differences between private companies and state-owned firms. This paper contributes towards a deeper understanding of the role of endogenous actors during the transformation from a centrally planned economy towards a market-based economy.