Prochem-Fluor Daniel relation built on shaky foundation

Strategic investor Fluor Daniel has sold an 8% stake in construction company Prochem to Prochem Holding, a managerial company comprised of 30 members of Prochem's managerial board and may in the future decide on a complete pullout from the company. After Fluor Daniels dispensed of 400,000 shares, its stake in the construction company was down to 27% from 35%. Prochem Holding president Marek Garlinski said the decision to buy the shares was taken after the managerial board decided Flour Daniels strategic relationship with the company was weak. Contrary to former plans, the new strategy does not include turning Prochem into a mega-sized construction group. The management board is not yet considering cooperation with foreign investors. The company's new strategy is to concentrate its efforts in the industrial-construction market, on construction-investment consulting-services, and modernization. (Rzeczpospolita, page B3) P.S.