Weglokoks hopes to lead consolidation of mining equipment manufacturers

Katowice-based Weglokoks, a 100% state-owned company, intends to set up a holding around mining machinery producers. The ultimate decisions concerning this plan will be made by the end of December. The firm's management have sent their offer to five selected producers including, Glinik, Ryfama, Famur Zabrzanskie Zaklady Mechaniczne and Remag. "A joint commercial, marketing and finance policy will help improve the results of the producers," said Weglokoks's president Piotr Makselon. The consolidation plan envisages the creation of a joint stock company, under the temporary name of Mining Machines Holding (HMG). In exchange for a stake in HMG Weglokoks will invest in the holding. Makselson forecasts that Weglokoks will export approximately 22 million tons of coal this year, mainly to the EU. Over the first ten months of 2002 it exported 17.4 million tons of coal. (Puls Biznesu, p. 7) A.Z.