Texmaco eyes Polish firm

Mon, 02 Feb 1998 | Source: REUTERS

WARSAW (Reuters): Indonesia's Texmaco group is considering buying a 75-percent stake in Polish textile company Elana SA for US$108 million and investing a total of $368 million in it, Elana's president said on Friday.

"They (Texmaco) want to invest $368 million. In the first stage they want to pay $108 million, so that after the increase of (Elana's) capital they will have 75 percent of shares plus one share," said Tadeusz Pastwa.

He said Texmaco group's Indonesia-based subsidiary, Texmaco Polysindo, would invest $260 million in modernizing Elana, based in the central city of Torun and employing 4,700 people.

Part of the investment in Elana, which produces synthetic fiber and textiles, is to be in the form of machines and other equipment, Pastwa said. He declined to give more details.

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