PGZ signs preliminary deal to buy Gdynia Naval Shipyard

State-owned arms producer Polska Grupa Zbrojeniowa (PGZ) signed a preliminary deal to buy Naval Shipyard in Gdynia for PLN 224 million. PGZ was the only bidder that made an offer for the troubled company. The final deal should be signed after the summer holidays. The tender offered perpetual rights to the use of a total of 30 hectares of land and ownership of buildings and infrastructure. The money from sale will be used to pay off shipyard's debts. In 2015, Gdynia Naval Shipyard had PLN 22 million profit.