11.08.2009
Conclusion of addendum to the contract between the subsidiary Izostal SA and the Polish Agency for Enterprise Development
Stalprofil SA, with reference to current Report No 4/2009, informs that on 10 August 2009 subsidiary Izostal SA signed an annex to the contract of 30 December 2008, concluded with the Polish Agency for Enterprise Development.
Signed supplement increases the value of the subsidy granted to the subsidiary Izostal SA for establishing the Innovative Center for Anticorrosion Isolations of Steel Tubes from the amount of PLN 20,109,789.08 to the amount of PLN 21,257,762.53. The increase of the EU subsidy by the amount of PLN 1,147,973.45 occurred as a result of the depreciation of PLN in the period from 30 June 2008 to 25 June 2009. The Polish Agency for Enterprise Development informed recipients about the possibility of applying for grants increase on 26 May 2009.
In the annex the timetable of the project has been also updated.
The investment\'s aim is to create a modern manufacturing plant, which would be a leading domestic center of anti-corrosion protection. It will bring about expansion of the range of products that Izostal SA can offer based on its own production. Thanks to the new plant the company has already introduced a new product on the market, associated with anti-corrosion coatings on the inner surface of steel tubes, and by the end of this year the company plans to start another production line to the external insulation, greatly increasing the range of pipe diameters that can be isolated with anti-corrosion coatings.
The company considers the agreement to be significant because its value exceeds 10% of the issuer\'s equity.
Signed supplement increases the value of the subsidy granted to the subsidiary Izostal SA for establishing the Innovative Center for Anticorrosion Isolations of Steel Tubes from the amount of PLN 20,109,789.08 to the amount of PLN 21,257,762.53. The increase of the EU subsidy by the amount of PLN 1,147,973.45 occurred as a result of the depreciation of PLN in the period from 30 June 2008 to 25 June 2009. The Polish Agency for Enterprise Development informed recipients about the possibility of applying for grants increase on 26 May 2009.
In the annex the timetable of the project has been also updated.
The investment\'s aim is to create a modern manufacturing plant, which would be a leading domestic center of anti-corrosion protection. It will bring about expansion of the range of products that Izostal SA can offer based on its own production. Thanks to the new plant the company has already introduced a new product on the market, associated with anti-corrosion coatings on the inner surface of steel tubes, and by the end of this year the company plans to start another production line to the external insulation, greatly increasing the range of pipe diameters that can be isolated with anti-corrosion coatings.
The company considers the agreement to be significant because its value exceeds 10% of the issuer\'s equity.