Zelmer completes financial turnaround and begins to rebuild its sales network

Rzeszów-based white goods producer Zelmer has posted a net profit of zł. 10.3 million for the first nine months of 2003, and in this way concluded its two-year financial restructuring process. "According to prior announcements, we restructured our costs and now we have zł. 40 million free cash to be spent on new investments," said Zelmer's president Andrzej Libold. In the last quarter, the company was forced to create reserves to cover redundancies, but the president assured that this would not negatively affect its current results. "We will widen our product portfolio by introducing new vacuum cleaners, and we will also introduce brands to our partners who in turn will sell our products through their retail networks," explained Libold. Zelmer will build its own sales network in regions which are most important for the company. Moreover, "We will also announce a tender for our IT system by the end of the year," added Libold. (Puls Biznesu, pp. 1, 8) M.M.