Huta Stalowa Wola hopes that bad times are over

APA - Austria Presse Agentur
10-11-2006, 11:53

Warsaw (Puls Biznesu) – The company will invest PLN 19m in construction machines.

Warsaw (Puls Biznesu) – The company will invest PLN 19m in construction machines.

Huta Stalowa Wola (HSW), a steel plant controlled by the state, the producer of construction machines and arms equipment, hopes to have better results than before.

“We continue the implementation of the restructuring program and we slowly regain the credibility in contacts with financial institutions. This year, we will invest PLN 9m, next year PLN 10m (EUR 2.6m)”, Miroslaw Bryska, HSW CEO said.

Company sold its assets to raise funds for investments and has applied for an investment credit. The funds will be invested in construction machines.

HSW hopes to win contracts thanks to Bumar, the arms holding. That’s why HSW would like to merge with the holding. Before, however, it must solve the problem of PLN 75m of credit from the Agency for Industrial Development. According to “PB” sources, the agency may agree to convert the debt only if it controls the production and distribution of construction machines. The company is meeting with the Agency for Industrial Development next week.

(PLN 1 = EUR 0.261)

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Podpis: APA - Austria Presse Agentur

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