PGZ with cash injection from goverment

By next year, Polska Grupa Zbrojeniowa (Polish Defense Holding) will obtain nearly PLN 500 million from the governmental fund FRP, State Treasury Minister Włodzimierz Karpiński informed the Polish press Agency. "This money will allow Polish defense companies to reach technological and production adjustment in order to implement technical modernization programs of the Polish Army," the minister said. This year, the state's contribution will amount to over PLN 101 million, which will be committed to modernization and reconstruction of gun powder factory in Pionki where 50 jobs will be created. Thanks to the investment, 90 percent of domestic demand will be covered by a Polish producer, Karpiński pointed out. Polska Grupa Zbrojeniowa (Pegaz) is a consortium of Poland's defense sector companies established in 2013. Pegaz includes 30 entities and its annual turnover reaches PLN 4.5 billion.