Employees likely to takeover GSR renovations shipyard

Employees likely to takeover GSR renovations shipyard Gdanska Stocznia Remontowa (GSR) renovation shipyard will not be sold to either Gdanska Shipyard or Stocznia Szczecinska Rzeczpospolita daily has learned. The two companies, now in talks about sharing the shipbuilding market in Poland, are not interested in participating in GSR's privatization leaving the door open for Invest-Rem, founded by 2,500 GSR workers and GSR cooperators, which has already expressed wishes to takeover from 80% to 85% of GSR. Invest-Rem has been granted a bank promissory note for the purchase. However, GSR will have no support from its bigger sector partners, Stocznia Szczecinska and Gdanska Shipyard unless the privatization of Gdanska Stocznia Polnocna shipyard is concluded of which GSR holds a 46.27% stake. It is very possible it will go to Gdynia Shipyard which is interested in taking over the whole company. GSR is the only Polish shipbuilding company which since the beginning of the restructuring has been earning profits. (Rzeczpospolita, page B1)