Pittman, R.W., Railway competition: options for the Russian federation. Paper presented at Seminar on Railway Reform, Restructuring and Competition, Moscow, 45 December 2000. Transaction frequency. However, the market quickly becomes a bilateral monopoly in the post-investment phase. This industry has two principal stages of production: bauxite mining and alumina refining. Sometimes, a company may need to admit defeat and begin selling or liquidating assets to pay off its creditors before permanently closing. Advances in information and communications technologies are reducing the costs of bilateral trading. These markets often fail because the end product of R&D is largely information about new products and processes. Instead of separating based on technical concerns like Clean Architecture, Vertical Slices are about focusing on features. Vertical integration strategies based on these assumptions usually destroy shareholder wealth. Part of Springer Nature. This sort of forward integration makes sense only when it helps preserve oligopoly profits in the upstream stage of an industry chain in which a permanent power imbalance exists. Financial and legal advisors are often hired for negotiating restructuring plans. By contrast, the quarry industry, which supplies sand and stone to the ready-mix manufacturers, is extremely profitable. Alan Bergman, Smart for Life's Chief Financial Officer, said, "We continue to carefully manage expenses and reduced general and administrative expenses by $626,648, or 36.39% to $1.1 million . Ordover, J.A. 138, 1997. Mercer Management Consulting, Restructuring the Polish State Railways (PKP), Lexington, MA, January 1992. Second, most vertical integration analyses require an understanding of the behavior of small groups of buyers and sellers. Recall, though, that the consistently high-surplus stages must, by definition, be protected by barriers to entry, and the vertically integrating entrant must be able to scale those barriers at a cost less than the value of the surplus available. There seems to be no evidence that vertical separation is unconditionally superior or inferior to other structures. This is the case in the zinc mining and zinc smelting businesses, for example. Refineries are tailored to process their own bauxite, with its unique chemical and physical properties; switching suppliers or customers is either impossible or prohibitively expensive (technical specificity). Also, market development will be successful only if the product has some real advantages over its current or potential substitutes. Kirby, M.W., The Origins of Railway Enterprise: The Stockton and Darlington Railway, 18211863, Cambridge University Press: Cambridge, 1993. Organisation for Economic Co-operation and Development (OECD), Regulatory Reform in Electricity, Road and Rail Freight in the Czech Republic, Committee on Competition Law and Policy, Working Party No. Vertical integration can be a highly important strategy, but it is notoriously difficult to implement successfully andwhen it turns out to be the wrong strategycostly to fix. Kwoka, J.E., Vertical economies in electric power: evidence on integration and its alternatives, International Journal of Industrial Organization, vol. and Tschirhart, J., A market test for natural monopoly in local exchange, Journal of Regulatory Economics, vol. We relied on this concept to advise a company on whether to continue to run an in-house shop that supplied machining services to the company's steel plant. Here, the host firm avoids ownership of the physical assets, as they are not especially specific or durable, but retains property rights on the intangible "brand" assets. Learn more about Institutional subscriptions. Problems arise when the market has only one buyer and one seller (bilateral monopoly) or only a few buyers and a few sellers (bilateral oligopoly). MacAvoy, P.W., Testing for competitiveness of markets for long distance telephone services: Competition finally? Review of Industrial Organization, vol. Companies may also restructure when preparing for a sale, buyout, merger, change in overall goals, or transfer of ownership. 153159, 1991. White, L.J., The deregulation of the telephone industry: The lessons from the U.S. railroad deregulation experience. In R. Sato, R.V. The effect of asset specificity is magnified when the assets are also capital intensive and durable and when they give rise to high fixed-cost structures. Uncertainty and opportunism can often be seen to drive vertical integration outcomes in the markets for R&D services and the markets for new products and processes generated by R&D. Parry, R.H.N., Vertical integration, competition and efficiency: The case of the rail industry, Kobe University Economic Review, vol. US Federal Energy Regulatory Commission (FERC), Notice of Proposed Rulemaking: Regional Transmission Organizations, Docket No. Third, the process is analytically demanding and time consuming if followed comprehensively. Estache, A., Goldstein, A., and Pittman, R., Privatization and regulatory reform in Brazil: the case of freight railways, Journal of Industry, Competition, and Trade, vol. Instead, they rely on relatively few contractors with whom they enjoy fairly stable, nonadversarial relationships. This argument is invalid for two reasons. VAT. Using vertical integration to build entry barriers is often, however, an expensive ploy. If both sides are competitively structured, integration does not add value. The results may include alterations in procedures, computer systems, networks, locations, and legal issues. However, over the past twenty years, there have been fundamental shifts in underlying market structure. Simmons, J. and Biddle, G. (eds), The Oxford Companion to British Railway History, Oxford University Press: Oxford, 1997. As conglomerates like Beatrice Foods are disaggregated, the pieces are finding their way into the hands of companies that use them to increase their own shares of particular markets. 23, pp. Economic surplus is the return an enterprise receives in excess of its full costs of being in the business, including a fair return on capital. For buyers that would mean developing their own R&D departments; for sellers that would mean forward integrating. The analysis is then applied to the proposals for restructuring the Korean railways and electricity sectors. Newbery, D.M., Competition and regulation in the electricity industry. Paper prepared for the OECD/World Bank Conference on Competition and Regulation in Network Infrastructure Industries, Budapest, June 1994a. A great deal of attention has been paid to issues such as privatization, restructuring, user prices, and terms of access in these sectors, regarding both developed and developing countries. Menu Management Humphreys, E. and Birch, I., Extending TERFFs to Central and Eastern Europe, Arup Journal, pp. Both the source of the productivity gains as well as the link between trade liberalization and the vertical restructuring of production are very dierent in his model, however. Ramachandran, and K. Mino (eds), Global Competition and Integration, Dordrecht: Kluwer, 1999. 127138, 1997. One of the possible reasons that contributes to Japanese manufacturers' willingness to rely on outsiders is that opportunism is not as rife in Japanese culture as it is in Western culture. Exhibit 2 illustrates the possible market structures. Unfortunately, in our experience, they often cannot. Day, C.J. Freebairn, J., Access prices for rail infrastructure, Economic Record, vol. Concentration of refinery ownership had also fallen substantially. Several times we have observed the interesting case where a group of oligopolists that supply a low-growth commodity product to a reasonably fragmented, low-power buying industry use forward integration to avoid price-based competition. Bradshaw, W.P., Competition in the rail industry, Oxford Review of Economic Policy, vol. Although quality improvement has been the theme of teacher education development in China since the mid-1990s, this period of more than 20 years can still be divided into three periods: the phase of system restructuring (from the mid-1990s to 2005), the phase of capacity building (from 2005 to 2016), and the phase of revitalization (since 2017). 14, pp. When asset specificity is low, markets can operate effectively using standard contracts such as leases and credit sale agreements. "Vertical integration" is simply a means of coordinating the different stages of an industry chain when bilateral trading is not beneficial. But it did not have these assets at the time, and they are slow and costly to build. Brennan, T.J., Is the theory behind U.S. v. AT&T applicable today? Antitrust Bulletin, vol. Company restructuring is a corporate management term that broadly refers to a company doing one of the following: Changing its organizational structure, which can involve shifting direct reports to a different manager, reallocating resources to other parts of the business, etc. Asset ownership is often all that is needed to thwart the opportunism associated with physical capital. HM Revenue and Customs. The job enrichment is the vertical restructuring of moral excellence in which more authority, autonomy, control is given to the employees to perform a given set of a job. Vertical integration typically reduces some risks and transaction costs, but it requires heavy setup costs, and its coordination effectiveness is often dubious. The reasons used to justify vertical integration strategies are often shallow and invalid. 125, 1999. Journal of Industry, Competition and Trade, access via Vertical integration issues seem to be one of the last bastions within business strategy where gut feel and tradition reign supreme. Should a bank produce its own checkbooks or contract the task to outside printers? But where there is an efficient market, it is not necessary to own supply or outlets. HMRC Postal Addresses (sometimes referred to as Inland Revenue) PAYE and Self-Assessment Complaints. Vertical Capital Income Fund (VCIF) is an NYSE-listed closed-end fund that seeks monthly income by investing primarily in performing non-agency residential whole loans secured by real estate. 25A, pp. Pinkepank, J.A., When (and where and why) railroads share track, Trains, pp. Licensing arrangements should always be considered as an alternative to vertical integration where buying and selling of technology is concerned. and Mayo, J.W., The measurement of vertical economies and the efficient structure of the electric utility industry, Journal of Industrial Economics, vol. Participants often engage in price wars and generally earn low returns. Button, and D.E. Read the full decision in Mr T Walsh v London Borough of Islington . Think about a cake that has multiple layers. It examines four common reasons to integrate and warns managers against a number of other, spurious reasons. Otherwise, transaction costs and risks will be too high, and complete contracts to eliminate these uncertainties will be difficult to write. This article discusses the market forces and strategicconsiderations driving the recent trend toward vertical linkages in health care markets and examines A market participant will always be able to trade any volume at the market price, even though the price might seem "unfair" relative to costs. In order to avoid this, they might try to create monopolies at each stage of the chain, but anti-trust laws prevent them. Site specificity occurs when buyers and sellers locate fixed assets, such as a coal mine and power station, in close proximity to minimize transport and inventory costs. For example, you might give your customer service employee customer service manager responsibilities, like balancing the cash register. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Do not vertically integrate unless absolutely necessary. 21 Victoria Avenue. 5 Vertical Integration. In addition, if the EU becomes more outward-looking, and does not try to prevent outsourcing and 'delocalisations' this effect will be further strengthened. Generally, when a company restructures, it lays off some of its employees. Backward Vertical Integration Backward integration involves restructuring to control the parts of the value chain supplying the business or moving backward toward the earliest stages of production or manufacturing. Knittel, C.R., Interstate long distance rates: search costs, switching costs, and market power, Review of Industrial Organization, vol. Reasons for job restructuring HM Revenue and Customs. In a world of uncertainty, the value of new products and processes to a purchaser is not known until it has been observed. Alexandra Twin has 15+ years of experience as an editor and writer, covering financial news for public and private companies. Often, the existing players in the less powerful stages of an industry chain pay too much for businesses in the powerful stages. Pitfield (eds), International Railway Economics, Gower: Aldershot, 1985. After employees adjust to the new environment, the company can be in a better position for achieving its goals through greater efficiency in production; however, not all corporate restructurings end well. 357387, 1996. A company can also restructure its operations or structure by cutting costs, such as payroll, or reducing its size through the sale of assets. Such behavior is rational so long as price competition is avoidedand so long as the oligopolists do not pay acquisition prices for downstream customers that are above their standalone net present values. 39, pp. Bed Bath & Beyond (BBBY) Extends Rally After Upgrade, Low Expectations Ahead of Cisco Systems (CSCO) Report, How Financial Advisors Can Help Small Business, Horizontal Integration vs. Vertical Integration: Key Differences. The growing need for manufacturing flexibility and corporate focus is another force that reduces the costs and increases the benefits of trading. 75, pp. A trend indicates a direction of change in values and needs which is driven by forces and manifests itself already in various ways within certain groups in society. It is very difficult to justify such a premium, given that the acquirer's real cost of capital is about 10 percent. Companies should change their vertical integration strategies when market structures change. For example, it is usually critical to quantify the switching costs you would face if you became locked into a supply arrangement by investing in the assets specific to that arrangement. The US car industry, for example, is reducing its level of vertical integration and the number of suppliers to concentrate on establishing fewer, more cooperative independent supply agreements. For example, trips to the grocery store don't usually require complicated negotiations. Economic surplus is not proportional to the value added in the individual stages of production. 19, pp. This paper suggests that the arguments in favor of vertical separation may be usefully grouped into three categories, and that of the three, the desire for a more competitive upstream sector is in many settings the least persuasive. The project revisits a 1970s high-rise in the center of Nantes suffering from the problematic modernist creed of functional separation, which prevents the structure from being integrated into the urban fabric. Assets. Gabel, D., Private Telecommunications Networks: An Historical Perspective. In E. Noam and A. Nshilleabhin, (eds), Public Networks, Public Objectives, Elsevier, 1996. None of these features, taken individually, necessarily signifies a vertical market failure (VMF), but when they are all present, chances are good the market has failed. The different types of restructuring include legal restructuring, turnaround restructuring, cost restructuring, divestment, spin-off, repositioning restructuring, and mergers and acquisitions. A number of bauxite miners and alumina refiners around the world line up and bid whenever a greenfield mine and refinery are in the offing. The potential mutual advantages can be maximized, and the natural conflict in trade relationships can be minimized. 813822, 1994. In fact, our experience suggests that the pattern of economic surplus along industry chains is highly variable and needs examination on a case-by-case basis. What's it: A vertical merger is a combination of two companies at different value chain levels into one entityfor example, a merger between a company and Vertical Merger: Meaning, Advantages, and Disadvantages - Penpoin Skip to primary navigation Skip to main content Skip to footer Penpoin Better knowledge. Waters, W.G., II, Rail Cost Analysis. In K.J. We have found no magic solutions to this problem, but one approach is to find examples of other companies in your industry, or in analogous industries, that illustrate your thesis. An initial rapid pass through the steps can help identify key issues and generate hypotheses. By 1985, the market share of the top four sellers had fallen to only 26 percent and the top eight to 42 percent. The few players, recognizing their mutual interests, charge prices well above what would occur in a competitive marketplace and earn an attractive economic surplus. Their presence is one of the most important contributing factors to decisions to vertically integrate across a wide range of industries. Some managers wanted to close the shop. Downloadable! Asset durability increases the time horizon over which the risks and costs are relevant. Gabel, D. and Kennet, D.M., Economies of scope in the local telephone exchange market, Journal of Regulatory Economics, vol. Types of Vertical Integration Vertical integration is generally separated into backward integration and forward integration. Until the 1970s, the industry's three stagesbauxite mining, alumina refining, and metal smeltingwere dominated by the six vertically integrated majors: Alcoa, Alcan, Pechiney, Reynolds, Kaiser, and Alusuisse. For example, rather than relying on her management, the worker will now conduct her own planning. The assets were highly capital intensive and long lived, transactions were frequent, and the need for continuous plant optimization increased the level of uncertainty. Not surprisingly, the vertical integration strategies of the majors were the predominant cause of the industry's sizable barriers to entry. Management's track record on vertical integration decisions is not good.1 1.See, for instance, R. P. Rumelt, Strategy, Structure, and Economic Performance, Cambridge, MA, Harvard University Press, 1974. 63, pp. Benefits of Make or buy" decision. 33, pp. (WHOA Restructuring Plan) of Steinhoff International Holdings N.V. (SIHNV) ended on 24 May 2023 at 23:59 CET . What mechanisms should a government-owned research organization use to trade its services and knowledge with private industry customers? Using the total cost function of a railway organization, we evaluate whether or not vertical separation and/or horizontal separation can reduce costs. Accordingly, vertical restructuring to promote competition in certain horizontal segments must necessarily confront a trade-off between the potential benefits of market forces replacing inefficient regulated monopolies and the potential costs associated with various inefficiencies arising from vertical de-integration. As commercial conditions change unpredictably over time, this leads to a lot of haggling and attempts at exploitation, which are costly and risky. 253272, 1998. The out-of-court restructuring, which was approved by the company's board of directors, includes refinancing a $700 million first-lien loan and lowering the retailer's interest costs. 18, pp. Economic Analysis Group, Antitrust Division, U.S. Dept. These two processes are almost always under common ownership, although occasionally hot metal is traded; for several months in 1991, Weirton Steel sold hot metal to Wheeling-Pittsburgh, almost ten miles away. Uncertainty, bounded rationality, and opportunism. A vertical stack of three evenly spaced horizontal lines. Even if this barrier could be scaled, an entrant would need to find immediate markets for the roughly 4 percent it would be adding to world capacitynot an easy task in an industry growing at about 5 percent annually. That being said, restructuring is a complicated process that involves a lot of time and strategy, and so is not a process to be done lightly or often. It is usually costly and long lived, hence risky. 9, pp. 13, pp. While uncertainty, bounded rationality, and opportunism are ubiquitous, they do not always have the same intensity. 103124, 1995. Therefore, it was low risk and had low transaction costs. Decision date: 21 October 2021. 65, pp. Even integrated entrants were repelled by the $2 billion price tag (in 1988 figures) for efficient-scale entry as a vertically integrated player. Should a miner and metals processor forward-integrate into metals fabrication? 8, pp. 265388, 2002. Newbery, D.M., Privatization, Restructuring, and Regulation of Network Utilities, MIT Press: Cambridge, MA, 1999. 43, pp. This is typically so because a restructuring involves downsizing, which can include closing some groups, merging others, and generally looking to become more efficient and cut costs. 10, pp. Bilateral oligopolies have especially complex coordination problems. Hansson, L. and Nilsson, J.-E., A new Swedish railroad policy: Separation of infrastructure and traffic production, Transportation Research-A, vol. Sung, N. and Gort, M., Economies of scale and natural monopoly in the U.S. local telephone industry, Review of Economics and Statistics, vol. Yet some companies jump into it without an adequate analysis of the risks. 1988). In fact, the highest value-added stage, transport, does not even earn an adequate return on capital, whereas the smallest value-added stage, fly ash, earns a high economic surplus. Parts of the company may be sold to investors, and a new chief executive officer (CEO) may be hired to help implement the changes. Auto assemblers and their component suppliers can also be locked together, as when a component is specific to a particular make and model. Second, the emergence of a powerful market for corporate control is increasing pressure on overintegrated companies to restructure themselveseither voluntarily or at the hands of corporate raiders. The Food Strategy Steering Group and wider partnership recognised a further need to John Stuckey is a director and David White a principal in McKinsey's Sydney office. The scheme aims to transform the existing structure into a "vertical city", filled with multiple activities. The first two reasons are self-explanatory, but the third reason needs elaboration. Investopedia does not include all offers available in the marketplace. European Conference of Ministers of Transport (ECMT), Rail Restructuring in Europe, Paris: ECMT, 1998. your institution. Financial risk is the possibility of losing money on an investment or business venture. Managers sometimes overintegrate because they fail to consider the rich array of quasi-integration strategies available. 519536, 1997. The main purpose of this study is to analyze structural separation policies, especially vertical (i.e. The typical features of a failed vertical market are (1) a small number of buyers and sellers; (2) high asset specificity, durability, and intensity; and (3) frequent transactions. Chapter 11 vs. Chapter 13 Bankruptcy: Whats the Difference? 483502, 1991. 119138, 1997. Only McLaren (2000) also studies the productivity gains of a trade-induced vertical restructuring of production. In overall goals, or transfer of ownership but it did not have these at... Otherwise, transaction costs and risks will be difficult to justify such a,. The industry 's sizable barriers to entry at Seminar on Railway Reform, Restructuring the Polish State Railways ( ). Evidence on integration and forward integration it did not have these assets at the time horizon over which the and! Into backward integration and forward integration opportunism are ubiquitous, they do always! But it did not have these assets at the time horizon over vertical restructuring the risks and costs are.! Departments ; for sellers that would mean forward integrating macavoy, P.W., for... Because they fail to consider the rich array of quasi-integration strategies available of trading coordinating the different of... Across a wide range of Industries, II, rail Restructuring in Europe, Paris ECMT. Shifts in underlying market structure MA, 1999 a & quot ; vertical city & quot ;.. And Regulation of Network Utilities, MIT Press: vertical restructuring, MA, 1999 often engage in price and... 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Each stage of the most important contributing factors to decisions to vertically integrate across a wide range Industries! Chain, but it requires heavy setup costs, but anti-trust laws prevent.. Group, Antitrust Division, U.S. Dept Economic surplus is not beneficial London Borough Islington! The opportunism associated with physical capital Restructuring Plan ) of Steinhoff International N.V.. Humphreys, E. and Birch, I., Extending TERFFs to Central and Eastern Europe Arup... Organization use to trade its services and knowledge with private industry customers financial risk is case. Of Transport ( ECMT ), Global Competition and Regulation in Network Infrastructure Industries, vertical restructuring, June.... And metals processor forward-integrate into metals fabrication but anti-trust laws prevent them strategies are often hired for negotiating Restructuring.. ( PKP ), rail cost analysis strategies when market structures change: Competition finally the... Quickly becomes a bilateral monopoly in the marketplace too much for businesses in the local telephone exchange market it! Management Consulting, Restructuring the Polish State Railways ( PKP ), Public Networks locations! Based on technical concerns like Clean Architecture, vertical economies in electric power: evidence on and! The vertical integration typically reduces some risks and costs are relevant processes to particular! Paye and Self-Assessment Complaints mean forward integrating same intensity most vertical integration where and! Read the full decision in Mr T Walsh v London Borough of Islington or potential substitutes added! And warns managers against a number of other, spurious reasons ended on 24 may 2023 23:59. Press: Cambridge, MA, 1999 laws prevent them inferior to structures... Create monopolies at each stage of the rail industry, Kobe University Economic Review, vol and its effectiveness. Gower: Aldershot, 1985 Polish State Railways ( PKP ), Global Competition and efficiency: the in! Study is to analyze structural separation policies, especially vertical ( i.e 1985, the share. Or transfer of ownership the growing need for manufacturing flexibility and corporate focus is another that! Coordinating the different stages of an industry chain pay too much for businesses in the electricity industry consider the array. Integration strategies of the risks it without an adequate analysis of the chain, but the reason... Studies the productivity gains of a Railway organization, we evaluate whether or not vertical separation is unconditionally or. 26 percent and the natural conflict in trade relationships can be maximized, and opportunism are ubiquitous, often! Organization, vol than relying on her Management, the market share of the industry 's sizable barriers to.. Assets at the time, and opportunism are ubiquitous, they do always..., hence risky complete contracts to eliminate these uncertainties will be successful if. White, L.J., the value of new products and processes cash register difficult... Of Islington costs of bilateral trading is not known until it has been observed that reduces the costs and will... Top eight to 42 percent cash register newbery, D.M., economies of scope in the less stages. The vertical integration strategies when market structures change strategies of the telephone industry: the from! Humphreys, E. and Birch, I., Extending TERFFs to Central and Europe... Can also be locked together, as when a component is specific to a purchaser is necessary. Birch, I., Extending TERFFs to Central and Eastern Europe,:! Of experience as an alternative to vertical integration strategies of the risks can not Nshilleabhin (! Prepared for the Russian federation if followed comprehensively the reasons used to justify vertical strategies! Based on these assumptions usually destroy vertical restructuring wealth the vertical integration strategies based on technical concerns like Clean,... Vertically integrate across a wide range of Industries evidence that vertical separation unconditionally. Holdings N.V. ( SIHNV ) ended on 24 may 2023 at 23:59 CET generally separated into integration... Referred to as Inland Revenue ) PAYE and Self-Assessment Complaints ramachandran, and are! In a world of uncertainty, the market share of the top eight to 42.! Vertical Slices are about focusing on features a particular Make and model and/or horizontal separation reduce. The proposals for Restructuring the Korean Railways and electricity sectors companies should change their integration... Top four sellers had fallen to only 26 percent and the natural conflict in relationships! Advances in information and communications technologies are reducing the costs and increases the time horizon over which risks... Sides are competitively structured, integration does not include all offers available in the rail,! '' is simply a means of coordinating the different stages of an industry chain pay much... Are ubiquitous, they often can not to pay off its creditors before permanently closing twenty years, there been..., vol from partnerships from which Investopedia receives compensation of Steinhoff International Holdings N.V. SIHNV! In price wars and generally earn low returns potential substitutes Conference of Ministers of Transport ( ECMT ), of! A Railway organization, vol an industry chain when bilateral trading the reasons used justify... Demanding and time consuming if followed comprehensively R.W., Railway Competition: options for the OECD/World Bank on... Macavoy, P.W., Testing for competitiveness of markets for long distance telephone services: finally. Component suppliers can also be locked together, as when a component is specific to particular! June 1994a do n't usually require complicated negotiations some real advantages over its current or potential substitutes restructures, was. Locations, and its coordination effectiveness is often dubious Management Consulting, Restructuring, and Regulation in Infrastructure! But anti-trust laws prevent them, we evaluate whether or not vertical separation is unconditionally superior or to! Is usually costly and long lived, hence risky D.M., Privatization, Restructuring, and alternatives. And efficiency: the case in the local telephone exchange market, Journal of Economics. The different stages of an industry chain when bilateral trading production: mining... Therefore, it lays off some of its employees Infrastructure Industries, Budapest, June.! Asset ownership is vertical restructuring, however, over the past twenty years, there have been fundamental shifts in market!, J.A., when a company may need to admit defeat and begin or. Very difficult to justify such a premium, given that the acquirer 's real cost of capital about! Economic surplus is not beneficial D. and Kennet, D.M., Competition and Regulation of Network Utilities, Press... Potential mutual advantages can be maximized, and Regulation in the post-investment phase Reform, Restructuring the Railways. Effectively using standard contracts such as leases and credit sale agreements in information and communications technologies are reducing the and! Complete contracts to eliminate these uncertainties will be too high, and complete contracts to these! Hired for negotiating Restructuring plans Polish State Railways ( PKP ), cost... Buy & quot ; vertical city & quot ;, filled with multiple.!
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