The European Aerospace and Defense Corporation (EADS-Casa) has announced its takeover of the Polish aeronautical company PZL Warszawa Okecie, through the acquisition of 51% of the company's shares from the Polish government. The Spanish company Avia, a subsidiary of the European consortium, is also participating in the agreement.
This operation is part of the privatization plan launched in 1990 by the Polish government to modernize its industry in preparation for joining the European Union.
EADS' revenue in the last fiscal year was €24,2 million, making it the largest aerospace company in Europe and the second largest in the world after Boeing. Its operations span both the commercial and military sectors.
PZL, Poland's oldest aircraft manufacturer with 73 years of history, achieves with this operation that the Spanish company makes strong investments in technology transfers, staff training and facility renewal.
Following the takeover resulting from the phased acquisition process, EADS Casa will hold 85% of PZL's capital, and the remaining 15% will remain in the hands of the employees.
The purchase of the PZL Warszawa Okencie is part of the Polish government's program to acquire eight CASA C-295 military transport aircraft, which competed against the German C-27J and Lockheed Martin, and the Ukrainian Antonov An-32. The total value of the contract is $212 million, with deliveries scheduled to begin in mid-2003.
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