New Kompania Weglowa CEO plans to improve the liquidity

APA - Austria Presse Agentur
19-07-2006, 14:59

Warsaw (Puls Biznesu) – The new CEO of Kompania Weglowa (KW) believes that debts are the most urgent problem of Europe’s biggest mining group. He is also going to reach settlement with trade unions.

Warsaw (Puls Biznesu) – The new CEO of Kompania Weglowa (KW) believes that debts are the most urgent problem of Europe’s biggest mining group. He is also going to reach settlement with trade unions.

Yesterday, Pawel Poncyljusz, the deputy Minister of Economy responsible for the mining industry, decided that Grzegorz Pawlaszek would be appointed the CEO of KW. Grzegorz Pawlaszek, 52 years old, has been working in the mining industry since 1983. Recently he headed Poludniowy Koncern Weglowy consisting of two mines.“I’m on my way back to Warsaw. I’ll take the post within 2-3 days”, Grzegorz Pawlaszek said.There are a lots of things he is going to change in KW.“First, I need to see the situation thoroughly but I know already that the company has problems with liquidity. We need to improve the solvency ration. We’ll try to do it by improving the coal trade”, Grzegorz Pawlaszek said.He added that the group has PLN 300m of old payments of its mines annually. At the end of May 2006, KW had debts of PLN 3.9 billion (EUR 969.9m). Till 2010, the company has to pay PLN 1.7 billion of old debts, including payments for social insurance. The CEO said it was possible that funds would be raise by selling mines. Weglokoks coal exporter would be the potential acquirer. Another problem the new CEO faces are trade unions. The owner of KW, the Ministry of Economy, promised to unify all agreements made among trade unions and the managements of the mines. There are 17 mines in KW group and a dozen trade unions.“We won’t make life difficult for the new CEO. We’ll give him a chance to show what he can. He is experienced in the industry”, Waclaw Czerkawski, the deputy head of the trade union of Polish miners said.“On July 1, we managed to unify the agreements in Poludniowy Koncern Weglowy comprising of two mines. I’m aware that there will be more problems in KW”, Grzegorz Pawlaszek admitted.“The fact that the new CEO knows the mining sector is not important. It’s vital that he can manage a company well and build proper relations with trade unions so that his company runs on purely business bases”, Andrzej Stanislaw Barczak from the Economic Academy in Katowice commented.(PLN 1 = EUR 0.249)

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Podpis: APA - Austria Presse Agentur

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