Andrew Doyle/MUNICH
Poland has begun restructuring its beleagured aerospace industry with the formation of a new company to take over the assets and ongoing operations of bankrupt PZL-Mielec Aircraft.
The move is aimed at relieving the state-owned manufacturer of its crippling debts and allowing it to fulfil current contracts through an injection of fresh working capital, and should in the long-term clear the way for a partial privatisation of the company.
Though the Polish Government could not be reached for comment it is understood from industry sources that the new company, called PZL (Polish Aviation Plant), will initially be 70%-owned by Poland's Industrial Development Agency.
PZL is receiving $10 million of new capital, with $10 million more to follow by the end of April, allowing a contract for 18 M-28 Skytruck aircraft to the Venezuelan National Guard to be completed, say the sources. The M-28 is a Westernised version of the Antonov An-28 transport.
PZL will employ only 1,280 staff from the total Mielec workforce of 2,700. The rest are expected to be laid off.
It is believed that the struggling Mielec Iryda jet trainer programme will only be transferred to the new PZL if it is accepted for service by one or more of the Polish armed forces, with the naval wing seen as a possible customer. The Polish military is dissatisfied with the aircraft's performance, and the government's indecision over the project's future is being blamed, at least in part, for causing Mielec's financial problems.
Poland is looking to privatise a large number of aerospace and defence companies but most are seen by western firms as having little or no asset value. Developing strategic relationships with Polish industry, however, could prove crucial if they are to win lucrative contracts as the country shifts towards re-equipping with Western aircraft and armaments.
"The value comes from a linkage with the major orders that the Poles will place in due course," one manufacturing source confirms.
The biggest prizes are likely to be for the supply of fighters and lead-in training aircraft, though questions remain over how such acquisitions will be funded by Poland. Boeing, Lockheed Martin and Dassault of France are chasing the fighter requirement, while British Aerospace/Saab and DaimlerChrysler Aerospace (Dasa) have joined to offer Hawk trainers, Gripen fighters and an upgrade of Poland's MiG-29s. Dasa will perform the MiG-29 work.
Mielec makes fuselage components for the Hawk and BAe has offered the company significant additional work, plus a final assembly line, if Poland buys the jet trainer. Aero Vodochody, part-owned by Boeing, is offering a similar deal with its L-159. Mielec also makes passenger doors for Boeing airliners; aerostructures for GKN Westland, and makes the M18 Dromader agricultural and fire-fighting aircraft.
Source: Flight International
