Amica to purchase refrigerator production line from Gram

Household appliance producer Amica Wronki has signed an agreement to take over the refrigerator production line of Danish concern Gram A/S, which currently controls 10% of the refrigerator market in Scandinavia. According to the agreement, Gram's entire refrigerator production line will be moved to Wronki in September 2002. Wojciech Kaszynski, chairman of Amica's management board, told Parkiet that the deal with Gram will allow Amica to increase its sales by entering new markets, and will also allow them to take full advantage of their production capabilities. Kaszynski refused to reveal the value of the transaction, but more details of the deal will be revealed by Amica later today. Market analysts view this move as beneficial for Amica, as they will be purchasing a brand and a customer base. Przemyslaw Sawala-Uryasz of Dom Maklerski/Bank Zachodni/Wielkopolski Bank Kredytowy (DM BZ WBK) does not perceive the transaction as particularly expensive and believes that Amica has enough funds to finance the takeover on its own, without taking on additional debts. (Parkiet, p. 3) M.T.K.