Rail transporter DEC privatized
By : Magdalena Wierzchowska
Dyrekcja Eksploatacji Cystern (DEC), a rail transportor of petrochemical products, was sold last Thursday to the U.S.-owned GATX Rail Overseas Holding Corp.
The privatization agreement is the first for Treasury Minister Aldona Kamela-Sowinska, who gave the deal the go-ahead two weeks ago. GATX bought 100% of DEC's shares for zl. 350 million ($85.4 million). "It's one of the few cases in Poland when such a big company is privatized in its entirety," said Maciej Gierej, a board member of Nafta Polska, the state agency in charge of selling petrochemical-sector assets.
GATX refused to say how much it will invest in DEC "for competitive reasons" or whether the deal will result in any job losses. "It's too early to comment," said Ward Fuller, president and chief executive officer of GATX Rail Europe.
Representatives of DEC and GATX said they are optimistic about the company's potential. "DEC has a very strong operational workforce and technical abilities ... and is a platform for growth not only in Poland, but also in neighboring countries," Fuller said.
Last year DEC had a 6.9% share of the Polish rail-freight transport market, hauling 12.7 million tonnes of cargo. As a result, the company saw a net profit of zl. 12.8 million ($3.12 million) on zl. 284 million ($69.3 million) in sales, according to DEC.
