Exec: Gdynia Shipyard to create major shipyard holding

Gdynia Shipyard will invest $100 million by the end of 2010 to modernize its equipment. Last year the yard built nine ships worth zl. 947 million and reported net profit of zl. 52 million. This year's revenue is forecast at zl. 1.3 billion. In related news, the management of Gdansk Shipyard protested last week's decision to sell the yard to the consortium of Gdynia Shipyard and Evip Progress, saying that the consortium's capital is based on international funds and its method of financing is unclear. Szlanta replied that the consortium is 100% owned by Polish capital and its funds are large enough to purchase the Gdansk Shipyard. (Prawo i Gospodarka, pages 1, 18)