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Defense sector consolidation to be finished this year

25th February 2014
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Treasury Minister Włodzimierz Karpiński said that by the end of 2014 the Polska Grupa Zbrojeniowa (PGZ) will be fully formed.

PGZ will encompass some 30 state-controlled arms producers employing 14,000 people with PLN 5 billion in revenues.

Currently, the ministry awaits the consumer and competition watchdog approval for PGZ to merge and takeover control of 12 companies. Additional companies, including those from the Polish Defence Holding should be absorbed by new entity.

“Establishing such a group should give a much needed boost to the Polish defense sector. It will create synergy arising from better coordination and specialization,” said PM Tusk, back in September, admitting that in the past Polish arms producers were often unwilling to cooperate with one another which cost them many deals both in Poland and abroad.

 

Poland A.M.


From Warsaw Business Journal


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