Polaniec looks for investors to buy subsidiary companies

Elektrownia Polaniec (EP) announced plans to invite investors to become shar eholders in companies spun off from its recent restructuring. A total of nin e companies were formed and provide it with support services which reduced e mployment in EP from 1,600 to 1,100. The power plant is looking for investor s interested in minority stakes in the independent companies. After one year the new shareholders will gain control by further capital injections. Accord ing to Jerzy Kak, EP director, this move will save the company over zl. 100 million by the end of 2010. The plant also reached an agreement with trade u nions by promising to maintain employment levels until 2010, which is also t he date when the independent companies' contracts with EP expire. (Puls Bizn esu, p. 7) A.K.