Ciech seeking change

Alan Heath
22-03-2002, 00:00

Ludwik Klinkosz, MD of Ciech, the largest chemical conglomerate in Poland has said that his company will make a stock market entry within three years. Former attempts in 1997-1998 only met with failure.

Klinkosz is hoping to attract the pension funds to his company. The big question mark will be what the treasury will do with its still majority stake in the company.

The first stage of reforms in the company will be to reduce costs by around thirty percent at the same time as increasing sales and increasing the import and export trading profile of Ciech. The supervisory board will meet on 10 April to confirm these changes.

It would seem that the Ciech group will sell the recently purchased Alwernia and Boruta Kolor chemical works. Other disposals will include energy and IT companies.

At the same time chemical producers within the group will be consolidated in order to reduce costs.

The company is also prepared to spend money on acquisitions in the privatisation process of the heavy chemical industry. Ciech has proposed Nafta Polska offers to buy fertiliser producers. Gas monopoly PGNiG has also made the same offer.

Ciech is also interested in acquiring alcohol producer OXO as well as the Kędzierzyn chemical works and the melanine production facilities at the Puławy works.

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