US-Polish Joint Venture
August 12, 1994
WARSAW, Aug. 12 -- Poland's Mostostal company in Warsaw and three American firms announced formation Friday of a joint venture to develop construction projects in Western and Central Europe, China, and the Middle East. The first project will be construction of an oil terminal on the Black Sea for Ukraine, worth $5 million.
Starting capital for the joint venture was listed as 1 billion zloties ($450,000). Mostostal, which has subsidiaries in several Polish cities including Warsaw, is one of Poland's largest construction enterprises. The Zabrze and Plock companies are listed among the country's top 500 firms. The American companies involved are the Morganti Group, American Investment, and AK Design and Consulting. Timothy Moynahan, chief of American Investment, said formation of the joint venture is favorable for both the Polish and American sides. 'It is a great chance for both companies involved,' he said. 'The Americans will facilitate access of the Polish company to Western markets, and the Poles will get access also to advanced technologies in construction.' The joint venture will also look for projects in North and South America.