Cormay changes its market strategy, announces no investor is in the cards

Cormay, a major domestic pharmaceutical distributor, announced that it will cease its search for a strategic investor, even though it managed to attract BRE Bank to finance its restructuring plans. The company recorded losses amounting to zl.9 million in 1999, but according to its president Maciej Zbik, it should end 2000 with a modest profit due to positive effects of its restructuring. "Operating costs dropped by over 20% and should continue to decrease. Profits by the end of the year will not exceed 0.5% of turnover. Sales will increase by 20% to zl.1.45 billion," Zbik said. Cormay withdrew from plans to join two state-owned pharmaceutical distributors, and the president made assurances that the company did not plan to make any major acquisitions according to the new strategy. By the end of 2001 the distributor plans to increase market share to 10%.(Puls Biznesu, pp. 1, 4)