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EBRD supports privatisation of Polish construction materials manufacturer
Metalplast-Oborniki, Poland’s leading light-weight construction materials manufacturer, has been supported by the European Bank for Reconstruction and Development (EBRD) in its privatisation through an equity investment of US$ 8.3 million (ECU 6.6 equivalent), equal to approximately 23 per cent of the company.
Director of the EBRD’s Poland Team, Alain Pilloux, said: “Following Metalplast’s privatisation and the EBRD’s investment, our objective was to create a modernised and strongly managed Polish company, able to compete in local and international markets. This investment is important because it demonstrates to other managers and employees in Poland that, if they follow Metalplast’s example, they too have the opportunity to own their companies and acquire the financing necessary to modernise them.”
Marek Szczesny, Managing Director of Metalplast, said: “Privatising Metalplast will allow us to proceed quickly with our capital investment programme which involves upgrading manufacturing capacity, increasing production and seeking new markets in Poland and abroad, especially in Germany. The management and shareholders of Metalplast are grateful to the EBRD and its experts for having successfully led this complicated transaction, which would not have been possible without the Bank’s involvement”.
On leading the privatisation the EBRD provided due-diligence and organised a consortium of financial and industrial investors. The main shareholders include three fund management companies: Capital's New Europe East Investment Fund, Copernicus’s Poland Investment Fund and CapMan’s Alliance ScanEast Fund. Together, these hold 22 per cent of the company. The second-largest steel producer in the Nordic region, Rautaruukki OY of Finland, has become an industrial partner with a further 22 per cent stake. The Polish State Treasury, management and employees own the remaining shares. The EBRD and other investors agreed to fund US$ 1 million to the employee share options purchase plan of which the EBRD is providing 45 per cent.
Proceeds of the EBRD’s equity investment will be used to finance the modernisation of the plant, including the purchase of new panel-making equipment and installing new production lines. Metalplast is situated in Oborniki, a town near Poznan in western Poland. It is strongly positioned to become a leading European manufacturer of light-weight “sandwich” construction panels.
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