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The Warsaw Voice » Business » September 2, 2009
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AgustaWestland to Buy PZL-安idnik
September 2, 2009   
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17 billion U.S. dollars will be assigned by the International Monetary Fund until 2014 for loans to the poorest countries in order to help them cope with the global economic crisis.

British-Italian corporation AgustaWestland Aug. 18 signed an agreement with Poland's Industrial Development Agency (ARP) to buy 87 percent of PZL-安idnik, a Polish company that produces helicopters and airplane components. This stake comes in addition to the 6.2 percent already owned by AgustaWestland. The acquisition is subject to antitrust approval, and is expected to be completed by the end of the year.

Negotiations on who would buy a controlling stake in PZL-安idnik began in July last year. AgustaWestland won the deal over Aero Vodochody of the Czech Republic.

"The talks were extremely difficult, but they ended in a big success for PZL-安idnik, the Industrial Development Agency and the investor," Wojciech D帳rowski (pictured while signing an agreement), head of the Industrial Development Agency, which is handling PZL-安idnik's privatization, told reporters. "While negotiating the sale of a controlling stake, we managed to ensure excellent conditions and a safe future for the company and the work force."

Giuseppe Orsi, AgustaWestland managing director for marketing and sales, said his corporation would use state-of-the-art technology at PZL-安idnik and invest in the plant.

The value of the transaction has not been disclosed. "We have agreed with the investor not to disclose the price until the final contract is signed," said Mieczys豉w Majewski, chairman of PZL-安idnik. "All I can say is that [the other bidder] offered zl.44.10 per share." That figure would value the plant at around zl.332 million.

Trade unions operating at PZL-安idnik hammered out a job security package for the work force from AgustaWestland.

PZL 安idnik, which produces components including parts for AgustaWestland aircraft, has a work force of 4,000. At present, AgustaWestland accounts for around 30 percent of orders placed with the Polish factory.
M.R.
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