Shipyard consolidation awaits Ministerial approval

Following a request by Economy Minister Jerzy Hausner, the Shipyard Committee is currently analyzing the benefits of consolidating the shipbuilding industry and is preparing a business plan. The initial proposal envisages that the Agency for Industrial Development (ARP) will receive shares in the Gdynia Shipyard Group. If the plan is accepted, then the State Treasury will transfer shares in the New Szczecin Shipyard (SSN) and other companies from the sector to the Agency. Altogether eight companies will be consolidated into one new company. By the end of March 2004, the ARP will form the new company which will be called the Polish Shipbuilding Corporation, and by the end of June the process of incorporation should be complete. According to Puls Biznesu, the State Treasury will invest in the new corporation, but it aims to withdraw from it within two years. In 2004, sector consolidation will lead to a reduction in costs of at least zł. 60 million, and up to zł. 100 million in the following years. A series of meetings, which are to take place over the next few days, will decide whether the plan will be accepted. (Puls Biznesu, pp. 1, 4) A.K.