Wólczanka tailors operations to address liabilities

Shareholders have already agreed on the sale of two subsidiaries, which control production plants in Wieruszów and Opatów, each employing a couple of hundred people. The third plant, which specializes in production of high quality shirts for clients that include Western companies, will remain in the group. "Thanks to the sale we want to pay off at least half of our liabilities," said Wólczanka's president, Rafał Bauer. As of the end of September 2004 the company's debts exceeded zł.19 million. "We already have potential investors for the companies, with whom we are in negotiations. I am not sure when the transaction will take place, the sooner the better," added Bauer. The plants which are for sale represent two thirds of the company's production capacity, however, company representatives do not expect a fall in turnover following the sale, as cooperation with them will continue. (Parkiet, p. 2) A.K.