PGZ to acquire Autosan

Contrary to previous reports, a consortium comprising HSW and PIT-Radwar (included in Polish Defense Holding – PGZ) will acquire bus producer Autosan, according to web portal. Details of the transaction have been revealed later by the company’s receiver.

The web portal informed that PGZ Autosan’s factory is planning to continue the production process and keep 300 employees. The transaction is to be finalized by the end of March. The value of the deal was some PLN 17.3 million, initially it was supposed to stand at PLN 19 million, the receiver told the PAP.

In October, the media reported that PGZ withdrew its bid for the bus producer, apparently, the company has changed its mind.

This was the fifth auction for insolvent Autosan, after the previous ones did not succeed. This time, the asking price has been reduced to PLN 37 million.The first asking price amounted to over PLN 59 million.

Autosan has been in bankruptcy proceedings for over a year. Despite its problems, the company continues to operate. Last year, it sold 50 buses.

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