Warsaw (Puls Biznesu) – Bumar, the owner of Ursus, is not going to wait any longer for Turkish Uzel to pay for the tractor producer. The company will look for a new investor.
Turkish Uzel has not raised PLN 10m (EUR 2.8m) needed to increase the capital of Ursus. This was supposed to be the preliminary stage of restructuring the tractor producer. Bumar decided that the contract to found joint venture with the Turks is not valid any longer.
“We will announce a tender this month”, Rafal Kowalczyk from Bumar said.
Ursus used to be Poland’s biggest tractor producer. The contract with Uzel was signed nearly six months ago. Unfortunately, Uzel International Tractor, a company registered in September 2007, is still not operating. Despite promises made several times by its CEO, Hayati Cosoglu, the Turks have not paid for their stake at UIT.
Some sources say that there is a conflict at Uzel concerning foreign investment policy. Others point out that the company’s 2007 results were much worse than a year earlier. Yesterday, Uzel was unavailable.
Rafal Kowalczyk admits that the restructuring of Ursus has failed. Bumar wants to find a new investor. There is not much time left. In 2009, the EU regulation requiring to use engines meeting the Euro III norms comes into force.
(PLN 1 = EUR 0.280)