Swarzędz to buy 37% of Jarocińska

Furniture producer Swarzędz Meble wants to increase its share in competitor Jarocińska Fabryka Mebli and has signed an agreement with Pekao Fundusz Kapitałowy for zł. 5.15 million for its 37% stake. In the meantime, Swarzędz is also restructuring its subsidiaries, Kościańska and Gostyńska Fabryka Mebli, which both recently filed for arrangement proceedings of zł. 7.1 million with their creditors. Swarzędz president Julian Nuckowski, announced that the main reason for this transaction was a desire to increase the production capacity of the holding. "All our plants are located close together, which improves our logistics and production," claimed Nuckowski. On Thursday the company will post its Q1 results, which are expected to be better than last year, and the company should be in the black for the whole of 2003. (Rzeczpospolita, p. B11) M.M.