JSW to create a subsidiary

Jastrzębska Spółka Węglowa (JSW), Poland's coal mining firm is considering spinning off a subsidiary company incorporating its mines, the Polish Press Agency (PAP) reported. “If the trade unions do not approve the proposed austerity program, we will establish a new subsidiary company,” JSW CEO, Jarosław Zagórowski said. Due to financial issues, JSW decided to break the agreement with the unions reached in 2011. The financial cuts regard bonus payments which may be tied to the company's performance in the future, PAP informed. JSW hopes to save roughly PLN 500 million thanks to the austerity plan.