Senator Stokłosa buys Ł-meat for double its original estimated value

Today the Treasury Ministry plans to conclude the sale of a 70% stake in meat processing company Ł-meat Łuków to Farmutil Holding, which belongs to Senator Henryk Stokłosa for zł. 21.7 million, with a pledge from Stokłosa to spend an additional zł. 18 million on investing in the company. The purchase price is seen as very good, as previously analysts estimated the stake to be not more than zł. 10-12 million. The remaining 30% share in Ł-meat will be given to employees and suppliers for free. The investment plan, which will be carried out over the next three years, will mainly focus on improving technical and sanitary standards. Four out of the five trade unions present in the plant have signed the social package, but are not pleased with it, as there will be no bonuses or pay increases, while the employment guarantee will cover 30 months instead of 60. Farmutil, which owns 200 stores nationwide, had a 2002 net profit of zł. 23 million on revenues of zł. 723 million. (Rzeczpospolita, p. B4) M.M.