1700 to loose their jobs in Sugar refinery closures

11 out of 27 sugar refineries are planned for closure and their liquidation will result in the dismissal of around 1700 employees, says a report of WGK and Pro-Invest, which act as consultants to the Treasury Ministry in its restructuring plan for Krajowa Spółka Cukrowa (KSC). In an optimal solution, the refineries should be liquidated this year, says the report. However, this year, KSC is financially prepared to close down only one refinery in Rejowiec. The remaining refineries have been divided into two groups. The first five will be closed down in 2004 and the remaining in 2005. The fast recuperation of KSC's financial condition is one of the most essential factors guaranteeing the success of the restructuring program. 2002 so KSC's liabilities reach zł. 1.1 billion zł. 650 million of which were short term liabilities. (Puls Biznesu, p. 3) A.Z.