Ropczyce invests in China without its local partner

23-08-2007, 15:19

Warsaw (Puls Biznesu) – The producer of fire-proof goods is starting operations in China alone. This is because it has troubles with local partners.

The Chinese partner of Ropczyce has not fulfilled its promises made when the companies founded a joint-venture.

“We have fulfilled our part of the agreement but local partner failed to provide all the assets it was supposed to. We are worried because this delays the project”, Jozef Siwiec, Ropczyce CEO said.

The joint venture had initial value of USD 20m. Shares are to be split 50:50. The Asian partner is supposed to provide quartz fields and a plant. Ropczyce provides technology and cash.

“Unfortunately, the lot with buildings have not been conveyed to the joint venture yet”, Jozef Siwiec said.

The Polish company does not want to wait any longer and the management decided to start operations. Ropczyce has a representative office in China. It sells the products of Ropczyce and imports goods. The first contracts have already been signed.


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