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Poland The Pipe & Fitting Company Ltd. (Poland - May 2015)

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A state-of-the-art manufacturer of pipes and fittings, once fully owned by the state, went bankrupt under suspicious circumstances, just before it’s 50th birthday.

Only a year before the 50th anniversary, the state sold 85% of the shares in the company to a private investment firm for roughly 300K (GBP). (the remaining 15% remained with the state.)

 

Shortly after that, the employees (while enjoying their christmas holiday), received a letter stating the company filled for bankruptcy.

Almost 400 workers lost their job and numerous attempts were made to reboot or sell the company. Unfortunately none of them successful. 

A few years later, questions were raised about the initial transaction, from state to private investor, as the remaining assets of the company were estimated at a total value of 5M (GBP). (Roughly 17x the original investment of the investment firm.)

 

A short while ago, the site has been sold to a new owner and is currently being repurposed/renovated in order to house a production facility for a local company, potentially creating 200 new jobs. :) 

 

 

Anyhow, enough history for today, so on with the shots;

 

 

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Thanks for looking!

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