Warsaw (Puls Biznesu) – Elektrobudowa, Poland’s construction company with headquarters in Katowice, southern Poland, has recently wanted to buy a Russian company with sales of PLN 100m (EUR 24.6m). It failed. Now it wants to launch its own production in Sankt Petersburg.
“We are waiting for the supervisory board to approve of the project, which should be done within upcoming weeks”, Jacek Faltynowicz, Elektrobudowa CEO said. He estimated that the Russian project will generate sales of PLN 20m this year. Next year, it should be PLN 50m. Elektrobudowa plans to have sales of PLN 300m this year.
Jacek Faltynowicz wants exports to increase. Today, exports constitute 8 percent of sales, at the end of the year it may be 10 percent. Elektrobudowa already has orders from Kamchatka. “I see exports as a way to diversify operations to lessen the risk”, the CEO explained. Although it said it would a Polish company, Elektrobudowa withdrew from the plans. “There is no interesting company to acquire here. You may buy firms with PLN 20m of sales but this is not a level which would be interesting for us. Shareholders would ask what is the sense of such an acquisition”, Jacek Faltynowicz explained.
(PLN 1 = EUR 0.246)