Ciech sells Petrochemia Blachownia to Hungarian Borsodchem

APA - Austria Presse Agentur
opublikowano: 06-10-2005, 16:50

Warsaw (Puls Biznesu) – Today, Ciech and Borsodchem, two chemical producers listed in the Polish GPW stock market, signed an agreement concerning the acquisition of Petrochemia Blachownia. The Polish company is selling its subsidiary for an undisclosed amount. Analysts estimate the transaction is worth EUR 100-150m. Blachownia capital amounts to PLN 25m (EUR 6.

Warsaw (Puls Biznesu) – Today, Ciech and Borsodchem, two chemical producers listed in the Polish GPW stock market, signed an agreement concerning the acquisition of Petrochemia Blachownia. The Polish company is selling its subsidiary for an undisclosed amount. Analysts estimate the transaction is worth EUR 100-150m. Blachownia capital amounts to PLN 25m (EUR 6.4m) and its sales USD 75m (EUR 62.2m). Negotiations lasted over a year.

Our strategy provides for withdrawing from petrochemical sector. Ciech wants to focus on soda production. Petrochemia Blachownia is a good company but needs investment, Marek Klat, Ciech spokesman said.Nearly 25 percent of Ciech sales are generated by petrochemical companies.

Ciech and Borsodchem plan capital connections. Ciech refused to comment. Borsodchem has recently withdrawn from a tender to buy Zachem in order to increase Ciech chances in this transaction.

(PLN 1 = EUR 0.254)(USD 1 = EUR 0.829)

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Podpis: APA - Austria Presse Agentur

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