FWG vodka distillery begins to enjoy the benefits of privatization

Vodka producer Fabryka Wodek Gdanskich (FWG), which was privatized only 11 months ago and taken over by the Belvedere company, has already recorded a net profit. The company had been incurring losses for two consecutive years. Now its revenues are growing steadily and last year reached zl. 387 million. The producer plans to have revenues of zl. 591 million and net profits of at least zl. 2 million in 2003. "We replaced unprofitable brands with our own Belvedere labels. They are well known and partially targeted for export. The new owner offered his distribution network so we transformed a regional company into a national one," said FWG president Jacek Babiarz. The company has increased its sales and production by four times in October in comparison to the monthly average in the first half of the year. Belvedere is fulfilling its privatization obligations and is heavily investing in the plant. FWG hopes for a rapid return on investments, especially from increased demand for biofuels next year. (Rzeczpospolita, p. B4) M.M.