Warsaw (Puls Biznesu) – One of the trade unions in Zaklady Azotowe Tarnow sent a letter to the Prime Minister to sell the company to PCC as planned before. The employees do not want either a merger with Kedzierzyn nor the IPO.
NSZZ, one of the trade unions operating in Tarnow nitrogen plant, has sent a letter to Prime Minister Jaroslaw Kaczynski asking to change the decision of Wojciech Jasinski, the Minister of the Treasure not to sell 80 percent of the stock to German Petro Carbo Chem (PCC). The trade unions believe that delayed privatization will adversely affect the treasure and may cause losses in the company. The trade unionists are not convinced by the Ministry’s reasons, i.e. the low price offered by the investor. In their opinion, PCC submitted the best offer. The Ministry of the Treasure had known that the price would be PLN 365.8m (EUR 94.7m). The trade unionists stress that the investment package worth PLN 500m and the social package had been approved.
“Breaking the agreement with PCC may mean compensations which will be paid also by our plant”, Zygmunt Barger, NSZZ head wrote in the letter to the Prime Minister.
Although Solidarnosc, the other trade union in the company, does not agree with the above, all unions are sure that the merger of Tarnow and Kedzierzyn is not a good idea.
“Nafta Polska (the state-owned company founded to privatize the chemical sector) wants consolidated but troubled companies to be listed. One of them is paying back settlement installments and have had several dozens million zloty of net loss in the recent years while the second one has current debt exceeding PLN 150m. No stock investor would buy such shares”, the trade union said in its letter to the PM.
(PLN 1 = EUR 0.259)