Mostostal Export to axe jobs and dispose of assets

The management of Mostostal Export announced recently that, within the framework of its restructuring strategy, it plans to transform the group from a financial into an operational holding, to sell off redundant assets, change its operational strategy and create a center of joint services for the holding. The restructuring plan assumes the sale of fixed assets worth zl. 300 million. According to Michal Skipietrow, president of Mostostal Export, the group will achieve a positive operational result in 2003. A base will be also be created for achieving a clear surplus and the payment of dividends for shareholders, starting in 2004. The management board expects that changes in the group's capital structure will produce measurable effects, estimated at zl. 57 million, within two years. The group is also planned to be split into two divisions - development and building. The strategy of Mostostal Export also assumes further staff reductions by 300 people to the level of 4,100 employees. After that, a further 1,620 employees will leave the company following the sale of the Delia group. The whole restructuring program is to be completed by 2004. (Prawo i Gospodarka, August 10-11, p. 1, 6) P.W.