Gdynia shipyard proposes merger with Szczecin

In the ongoing battle to save the Szczecin shipyard, Grupa Stoczni Gdynia (GSG), owner of the Gdynia shipyard, has proposed merging the two companies. The idea has thus far received much support, as analysts and stakeholders do not want to see representatives of the State Treasury on the management board of either of the two companies for too long. Marek Roman, general director of Grupa Firm Doradczych EVIP, a shareholder in GSG, believes the shipyards should merge, and assures that financial institutions involved in Stocznia Szczecinska Porta Holding (owner of the Szczecin shipyard) support the idea. The Szczecin and Gdynia shipyards began cooperating late last year, with a joint marketing campaign, and, according to unofficial information, they also jointly planned a program of mass lay-offs. "We have received signals that financial institutions involved with the Szczecin shipyard support consolidating the two groups," says Marek Roman. "The merger of Stocznia Szczecinska Porta Holding and GSG has advantages as well as disadvantages. As an advantage I would consider their growing strength on the market, the possibility of negotiating much better deals and achieving economies of scale. A disadvantage to this process would be the difficulty and the risk of integrating the companies, which currently operate under two different management systems." (Puls Biznesu, p. 6) A.K.