Construction company Polimex has a new strategy. It no longer wants to build roads, as those projects drove the company to financial distress; now it wants to focus on more profitable contracts in the energy and chemical sectors.
“We are planning to continue the projects which we have already started, but won’t participate in new tenders. In our opinion the road contracts are one-sided and based on terms unfavorable for contractors and provide small profit margins,” argued Gregor Sobisch, Polimex CEO.
Instead of roads, the company plans to build infrastructure for the energy and chemical sectors. The company is beginning the new phase in its strategy with a rich contract portfolio worth zł.11 billion and this year it plans to carry out projects worth zł.2 billion. Polimex is placing its biggest hopes in two contracts for the construction of energy blocks in Opole for PGE and in Kozienice for Enea.
The construction company has been undergoing restructuring since mid-2012, which it plans to continue until 2015. It hopes to make savings of over zł.600 million this way, which is twice the amount the company owes its creditors. To meet that target the company has already reduced its workforce by 2,800 employees, and currently employs 6,700 workers.
From Warsaw Business Journal
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