Paged buys Sklejka Pisz

2010-07-12

The Ministry of Treasury decided to sell Sklejka Pisz, the leader on Poland's plywood market, to the firm Paged. The transaction, in which Paged will pay PLN 65.1m (€15.9m) for 85% of Sklejka's shares, will come into effect on condition that the buyer promises to maintain employment at Sklejka at the current level for a period of 30 months and carry out investments worth PLN 10m (€2.5m).
The Ministry of Treasury first announced its plans to find a buyer for Sklejka Pisz back in 2001. The Ministry originally intended to sell the firm in a tender, but later, in 2005 and 2007, it wanted to privatise the firm via a public offer. However, due to the slump on the wood market, in 2008 the Ministry shelved its plans for the company to go public.
Sklejka Pisz accounts for 25% of total domestic plywood output. The company specialises in, among other things, birch and pine plywood and 70% of its production is earmarked for export.

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