Newswire

Poland's Groclin signs $288 mln deal with Faurecia

WARSAW, Jan 19 (Reuters) - Top Polish car part maker Groclin said on Monday it had signed three long-term export contracts with France's Faurecia to provide upholstery for a joint value of 1.1 billion zlotys ($288.3 million).

Groclin, one of the best performing Warsaw-listed stocks last year, also confirmed in a statement that it had met its earlier 2003 forecasts to make a net profit of 34 million zlotys on sales worth 470 million zlotys.

Official results for last year are due next month.

Shares in Groclin, whose market value jumped 68 percent in all of last year, were up 4.9 percent to hit a lifetime high of 107.5 zlotys in Monday afternoon trade. Its market capitalisation now stands at $174 million.

The company, which has long been expected to join Warsaw's key WIG 20 index said the exports contracts were for the DaimlerChrysler Smart Roadster, Mitsubishi Colt and BMW Mini car models and would last 5-6 years.

Groclin produces mainly car chairs, children's chairs and chair covers. Export production totalled around 80 percent of sales.

The firm's key shareholder is its founder and chief executive, Zbigniew Drzymala.

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