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The preliminary agreement between Amica Wronki S.A. and Samsung Electronics

img_70772_samsung-logo_bOn 22 December 2009, the preliminary agreement between Amica Wronki S.A. and Samsung Electronics Manufacturing Poland (belinging in 100% to Samsung Electronics) was signed. Amica will sell washing machine and refrigerator production plants. In addition, both companies signed a contract for the supply of washing machines and refrigerators by the South Korean group to Amica. This agreement will enable Amica to sell the unchanged product range and concentrate on the development of the hot appliances manufacturing.

After a nearly one-year-long negotiations Samsung decided to enter into its first investment in Poland, choosing Amica as its partner. Current production plants in Wronki ensure that Samsung can start production almost immediately.

- Thanks to our plants, Samsung will significantly increase sales of home appliances in the European Union. We have met all criteria, starting from an advanced technology to qualilied staff to strategic localization regarding trade opportunities. This transaction does not mean that Amica withdraws from the sale of refrigerators and washing machines. We will use the same production lines together - says Jacek Rutkowski, President and the largest shareholder of Amica Wronki, not hiding satisfaction that the agreement has been signed.

The Korean company will pay Amica PLN 204.5 million for iis two production plants. In addition, Samsung will acquire the inventory of components. Final purchase agreement should be signed by the end of March 2010. Received cash will allow to significantly decrease Amica's debt and develop production of hot appliances such as cookers, induction stoves and ovens. Amica's market share in this segment in Poland currently amounts to almost 55 percent.
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