The Polish state treasury has kicked off the long-awaited privatisation of PZL-Swidnik by inviting selected companies to bid for a 36.7%stake in the struggling helicopter manufacturer.
The treasury has not revealed which companies it has invited to participate, but says they include "leading global aircraft firms". Likely bidders are Bell Helicopter Textron, Boeing, AgustaWestland and EADS unit Eurocopter.
The four western firms are keen to grab a slice of a possible Polish order for up to 50 attack helicopters, and industrial offsets will be a key part of any competition.
Poland's government requires assurances that a selected investor can secure the long-term future of Swidnik and ensure it can produce helicopters that meet NATO standards. The sale is expected to be completed by mid-2001.
PZL-Swidnik expects to break even this year after making swingeing cuts to its workforce, which is down to 2,600 from 4,000 in 1997. It lost $3.5 million on sales of $140 million in 1999. The company builds the W-3 Sokol helicopter, as well as fuselages for Bell/Agusta AB139 and Agusta A109 Power helicopters, ATR 72 wings and passenger doors for Airbus.
Source: Flight International
