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Borgestad ASA divests fireproof business in Poland.

NORDIC BUSINESS REPORT-16 February 2004-Borgestad ASA divests fireproof business in Poland(C)1994-2004 M2 COMMUNICATIONS LTD http://www.m2.com

The Norwegian shipping and industrial group Borgestad ASA said on Friday (13 February) that it had agreed to sell its fireproof business in Gliwice, Poland to the local rival PCO Zarow.

The transaction is to be arranged as a shares deal in which Borgestad receives 15% of the share capital of PCO Zarow.

As a consequence of the sale the Gliwice plant will discontinue its production on 15 March.

The deal will affect most of the 130 employees.

Borgestad said that the sale was part of its strategy to further rationalise its industrial activities.

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Publication:Nordic Business Report
Article Type:Brief Article
Geographic Code:4EXPO
Date:Feb 16, 2004
Words:126
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