Consolidation of Polish Defense Holding set for 2014

The Ministry of Treasury is planning to complete the consolidation of the Polish Defense Holding (PHO) in 2014, Treasury Minister Wlodzimierz Karpinski told the Polish Press Agency in an interview. Long term goals include floating the firm on the Warsaw Stock Exchange. Before that happens, however, PHO will have to prove positive financial results, Karpiński said. The holding was registered on Dec 5, 2013. It will include 30 firms from the Polish defense sector, gaining an estimated total revenue of PLN 5 billion annually. Moreover, the establishment will create approximately 14,000 jobs. The headquarters will be located in Radom.