News Parkiet

Wood industry

Lasy Państwowe sees lower timber prices

Government timber wholesaler Lasy Państwowe is expecting lower commodity prices as rising Polish currency reduces demand by exporters. Lasy has actually cut this year's timber output from 28.5 to 27.9 million cubic meters but says even that may be too much for the market.

Over 70 percent of Polish wood products are exported to Western Europe and elsewhere.

Information Technology

Optimus to sue Polish government

over tax claims

Optimus computer-maker has hired top Warsaw law firm as it goes to court against Polish authorities over unproven back tax claims that have almost pushed the company into bankruptcy. Company watchers expect Optimus to demand 'tens of millions of zlotys' as compensation.

Optimus was forced to lay off half its workforce and lost much of its market share after tax authorities accused the company of VAT tax fraud and ordered it to pay 18 million zloty fine. Optimus got the money back in December 2003.

Apparel

Masters mulls going private

Jeans manufacturer Masters SA may be taken off the stock exchange in two years' time, chief executive officer and principal shareholder told PARKIET yesterday. Edward Szałajewski, who owns almost a quarter of Legnica-based firm together with his family, says that stock exchange presence is too expensive. Masters has market value of just 4.5 million zloty, or $1.45 million.

Civil engineering

Energomontaż order backlog climbs

Warsaw based civil engineering group Energomontaż Północ says it may turn into Europe's no. 1 steel pipe manufacturer only months after its near-bankruptcy. Energomontaż, which was taken over by two Italian firms, has recently signed several large contracts with six European refineries totaling 70 million zloty.

It made a bid to work as subcontractor at newly build Neuradt power plant in Germany.