Minsk -- Polish PU systems maker PCC Prodex is scrapping its Belarus-based subsidiary PCC Prodex Bel.
PCC Prodex launched insolvency proceedings for its Belarusian offshoot with the country's Ministry of Justice, a PCC Rokita statement said.
The offshoot was based in Belarus’ capital Minsk and set up in 2012 "to allow the firm to enter new Eastern markets," PCC Rokita said in a statement at the time.
“Between the time of its establishment and the release of this statement, PCC Prodex Bel has not managed to sign any significant contracts [for the sale of PU systems], and it was not able to develop its economic activities in any other way," the statement said.
Between January and June 2015, the subsidiary generated revenues of about PLN 160,000 (EUR36,400), according to data released by the Polish group.
PCC Rokita's quarterly report for Q3 2015 said the invested EUR35,456 in setting up the Belarusian offshoot.
XE Currency conversion: 18 February, 2016