Polish fertilizer giant Grupa Azoty dismisses its president amid financial restructuring while government pledges millions in support.
Management Reshuffle at Grupa Azoty
Andrzej Skolmowski has been dismissed as president of Grupa Azoty, with Paweł Bielski and Andrzej Dawidowski also losing their positions as vice presidents. The supervisory board made these decisions on Thursday during a critical period for the company, which is currently negotiating with financial institutions and stakeholders.
Aleksandra Machowicz-Jaworska Takes Temporary Presidency
Following the management changes, Grupa Azoty has appointed Aleksandra Machowicz-Jaworska, vice-chairwoman of the supervisory board, to temporarily serve as president. This appointment will last for a maximum of three months, during which the company plans to conduct a competitive process to select a new permanent president.
Government Announces Financial Support Package
The Ministry of State Assets has announced its intention to provide additional capital to Grupa Azoty. The ministry states that these extra funds will enable effective implementation of the company’s strategy and improve its financial stability as it navigates current challenges.
Strategic Importance Drives Government Intervention
As Poland’s second-largest producer of nitrogen and multi-component fertilizers and the only melamine manufacturer in the country, Grupa Azoty plays a vital role in the national economy and state security. The ministry emphasizes that its actions aim to restore the company’s financial health and strengthen Poland’s chemical sector.
Focus on Restructuring and Creditor Negotiations
The supervisory board believes that organizational changes in management are necessary to achieve long-term financial stability, particularly during ongoing talks with banks and key partners. The new leadership team will concentrate on reaching agreements with creditors and accelerating the restructuring process, with the government as the dominant shareholder committed to a swift resolution.
Company Profile and Market Position
Grupa Azoty operates as a joint-stock company with the State Treasury holding 33% of its shares, making it the largest shareholder. The company’s product portfolio includes polyamide, OXO alcohols, plasticizers, and titanium white, in addition to its fertilizer production.
