US Columbia Forest named as possible strategic investor in Paged-Sklejka

The US-based Columbia Forest may become the strategic investor of plywood producer Paged-Sklejka Morag Mazury near Olsztyn. If the deal does not go through the company intends to enter the stock exchange at the beginning of next year. Cooperation between the US and Polish firms began two years ago. Paged-Sklejka's president Waldemar Czarnocki says if Columbia Forest becomes the strategic investor his company's production will double next year to 50,000 cubic meters of plywood yearly, half of this will go to its US partner. Preliminary talks will start in September and a decision is expected to be made this year. If they are successful the company will issue shares for the new investor between the first and second quarter of 2001. (Puls Biznesu, page 7)