Celma restructures and struggles to survive amid rising sales

Goleszów-based Celma Tools, the financial operator of industrial equipment producer Celma, will take over its assets as part of the restructuring program at the beginning of 2004. "The main aim of move is to create one company which will keep the Celma brand name on the market," said Michał Michalczewski, president of Celma Tools. The best solution for the capital group would be to find an investor at this stage of the restructuring process. "We have received the first purchase offers for the Celma companies," said Ryszard Grenda, president of ZEM Celma, the parent company in the Celma group. The main problem in acquiring the concern is the indebtness of its production division, which amounts to zł. 8.5 million. "If everything goes according to the schedule, than it will repay its debts by the end of 2004," explained Grenda. Celma Tools plans to record sales of zł. 14 million at the end of 2003, which is a 75% increase in comparison to last year. Celma has a market share of about 10%. (Puls Biznesu, p. 13) M.M.