BGK grants loan to Boryszew

WSE-listed Boryszew Group has secured a €10 mln credit with state-owned lender BGK to expand its plants in China, India and Mexico. "The decision to set up a manufacturing plant in Mexico is a consequence of the development path we have adopted. We want to be close to our key business partners on the most promising automotive markets. Mexico is our gateway to the NAFTA countries," said Cezary Pyszkowski, deputy CEO of Boryszew. He added that the group is planning a considerable expansion of productive capacities of its plants in India and China. "Contracts won in recent years, with BMW, among others, are beginning to enter a phase of mass production and in the coming quarters it will be visible in our financial results." Boryszew is one the biggest industrial groups in Poland, it specializes in the production of automotive components. The company recorded revenues of PLN 5 bln in 2014, and its net profit stood at PLN 155 mln.