ARP acquires Stocznia Gdańska

State-run Industrial Development Agency (ARP) bought back 8.105 percent stake in the Gdańsk shipyard (Stocznia Gdańska) and 50 percent stake in GSG Towers from Ukranian Gdańsk Shipyard Group controlled by Ukrainian businessman Serhiy Taruta. ARP had previously 18.95 percent. shares in Gdańsk Shipyard and 50% shares in the associated GSG Towers, a manufacturer of towers for wind farms. The transaction has previously obtained all necessary corporate and formal-legal consents, including the consent of the antitrust watchdog UOKiK. “After a year of difficult talks, we managed to obtain satisfying conditions that reflect the value of both companies. Now we have to quickly undertake development activities related to the implementation of the business plan to rebuild their potential and competitiveness, taking advantage of the situation in the shipbuilding and wind energy sector especially the sea,” said ARP’s acting CEO Andrzej Kensbok. The legendary Gdańsk shipyard, a birthplace of the Solidarity movement was sold in 2007 to Taruta. The company for years has been plagued by financial problems.