PFR to takeover PESA

Troubled rolling stock producer PESA Bydgoszcz has signed an agreement regulating the details of the takeover of its shares, by the state-run polish Development Fund PFR. The deal is expected to be finalized by mid-June. “The completion of negotiations is good news for the company and its employees, but also a clear signal for our clients and sub-suppliers that PESA has gained a stable investor and will be provided with funds to implement ongoing contracts and further development. For months, we have been implementing a restructuring program that will prepare the company for new challenges, while production under contracts is underway. We do everything to ensure that our customers receive vehicles that meet their needs - finding an investor gives the crew a sense of stability and future prospects,” said PESA CEO Krzysztof Sędzikowski. The company needed an investor due to problems with financial liquidity, lack of funds for the execution of contracts and difficulties in obtaining insurance guarantees necessary for new contracts. According to media reports, several foreign investors were interested in acquiring PESA. The company decided to go with PFR hoping that the decision “will help develop the company with domestic capital.”