Econ. Min. and Industrial Agency have buyer for Lucznik

Econ. Min. and Industrial Agency have buyer for Lucznik The Economy Ministry and the Industrial Development Agency (ARP) are negotiating the sale of the arms-making subsidiary of metal goods producer ZM Lucznik from Radom. The Ministry confirmed holding talks with an investor for the arms-maker, but would not give any details. ZM Lucznik has a 50% stake in the recently created arms subsidiary Fabryka Broni Lucznik, with ARP holding the remaining shares. In the future, the subsidiary is to takeover ZM Lucznik's arms production and 650 of its 1,800 employees. Four other companies will be created from Lucznik, while the parent company will file for receivership. "The debt noose is tightening around ZM Lucznik's neck. It looks like the only solution is for the company to go into receivership, as I cannot really imagine Sejm passing a liabilities reduction law only for our company," said the head of the Solidarity trade union at Lucznik Zbigniew Cebula. The company has debts of zl. 150 million, 80% of which it owes to the Treasury. (Puls Biznesu, page 5)