Shipyard split

The ruling Law and Justice separated the cradle of Solidarity, Gdańsk Shipyard, from Gdynia Shipyard. The state-owned Industrial Development Agency (ARP) has signed a deal with Gdynia Shipyard that will allow it to take over the Gdańsk Shipyard, previously owned by the Gdynia plant.

ARP acquired one-third of the shipyard's shares, and the agency's spokesperson, Roma Sarzyńska, said it expects to come into possession of the remaining shares by the end of this month. However, the Gdynia Shipyard will not get any funds for selling the Gdańsk Shipyard. In 2003, ARP lent money to the Gdynia company under the condition that if the debt was not repaid within three years, the agency would take over Gdańsk Shipyard. The debt amounted to zł.80 million, which is roughly what the transaction was worth, and as a result Gdynia Shipyard's debt will be annulled.

The Gdańsk Shipyard's trade union welcomed the move, as the firm's financial situation was superior to that of the mother company's. APR also benefits from the acquisition. "This is a very beneficial restructuring of the loan that we granted to Gdynia Shipyard," Sarzyńska explained. After it acquires 100 percent of the shipyard, APR plans to look for an investor.