Machinery privatisation does not work
According to unconfirmed information, the Czech Tajmac-ZPS has pulled out of the privatisation of machinery manufacturer Poręba. The Czechs were the only bidders in the second stage of the privatisation process. The withdrawal was due to the high debt of the firm which comes to PLN28.5m. Furthermore the company had a exclusive sales agreement with Metalexport which did not please the investor.
Poręba also grabbed the attention of Metalexport which hoped to use it to create a company in which Metalexport would have a 90 percent share and employ 350-380 people.
Metalexport exports some 80 percent of the production of Poręba. It is still interested in purchasing the company but does not want the debts. It recently sent a proposal to treasury minister Barbara Litak- Zarębska although no reply has been sent.
Poręba produces metalworking machinery. The state has a 86 percent stake whilst the rest belongs to creditors including Metalexport.
Losses last year were PLN8m on a turnover of PLN28m.