Opoczno to invest PLN 70m in 2004

2004-06-01

Opoczno, the ceramic tiles producer, plans to invest PLN 60-70m in production capacity extension. The company, which currently is able to produce 22m m? of ceramic tiles per year, wants to increase production capacity to 30m m2. Slawomir Frackowiak, Opoczno's president, said the company is considering an operations expansion into Eastern Europe. The company is to decide whether to construct a new plant in the Ukraine or Russia by the year-end 2004.
In the first four months of 2004 Opoczno generated a net profit of PLN 34m on sales of PLN 150m, a rise of 62% and 711% respectively y-o-y. Mr Frackowiak attributed these strong results to Polish concerns of VAT hikes after the EU accession.
The company's owners are Credit Suisse First Boston and Enterprise Investors which purchased 39.8% of the company at the beginning of May 2004, and presently own 99% of Opoczno's stake. The remaining 1% belongs to company's employees.

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