On May 13, 2010, listed on the Warsaw Stock Exchange the Ciech and Azoty Tarnów signed an intention letter on commencement of negotiations about purchase by Azoty Tarnów the Gdańskie Zakłady Nawozów Fosforowych Fosfory Sp. z o.o. (Gdansk Phosphorus Fertilizer Plant Phosphorus Ltd.) that belongs to Chemical Group of Ciech headquartered in Gdansk.
GZNF Fosfory it is a manufacturing plant included in the Agro Division of Chemical Group of Ciech with a 100-year tradition, manufacturing high-quality granular fertilizers with an established position on the Polish market (Amofosmag, Agrofoska, Superfosfat).
The company's product portfolio also contains sulfuric acid, including the battery and phosphoric acid.
– The business profile of GZNF Fosfory is in line with the product offer of Azoty Tarnów, one of the largest chemical companies in Poland, which aims to increase the scale of operations and diversify the offer on fertilizer market. The possible purchase of Gdansk works is also a part of our strategy defined in the prospectus, assuming the ordering of Azoty Tarnów Capital Group by strengthening of so-called „core business” – said press spokesman of Azoty Tarnów Robert Lichwała.
– The decision to focus the attention within the Group on other segments and manufacturing companies is becoming the part of strategic restructuring plans of Ciech Group and is dictated by a thorough analysis of competitive advantages of Fosfory in fertilizer segment. We believe that the Gdansk works represent a higher added value in the operational structures of the Azoty Tarnów than in the target portfolio of Ciech Group's companies, and changes in ownership will help to fully realize the potential of this entity – comments Krzysztof Grad, press spokesman of Chemical Group of Ciech.
Gdansk Fosfory are the work, which is undergone to a complete renovation in recent years. Through material investments in installations necessary for drying processes and granulation, recovery of storage facilities, excellent technical background for import and processing of raw phosphorite materials, the company runs currently the wholly non-waste production. Its level can reach up to 400 thousand tons of fertlizers per year.
In 2009, the company's revenues were at the level of 282.3 million PLN. The audit process in the GZNF Fosfory Azoty Tarnów will begin in the coming weeks, and the parties provideto set the conditions for the transaction no later than up to December 31, 2010.
|
press release download:  Ciech and Azoty Tarnów are signing an intention letter on the Gdansk Fosfory |
|
The Ciech Chemical Group is the biggest chemical concern in Poland. It comprises 58 companies and is one of the leaders in the Central European market. The Group has a well-developed production structure and business network in Poland, Europe and Asia. The main Group’s products include soda ash (second place in Europe), TDI, salt, phosphate and compound fertilizers, plant protection chemicals, epoxy and polyester resins and other organic chemical products used in the glassmaking, furniture, chemical, construction and agriculture industries. With annual revenues of approximately PLN 3.7 billion, the Ciech Chemical Group is among the 50 largest Polish enterprises. Since February 2005, Ciech SA has been listed on the Warsaw Stock Exchange. The largest shareholders of the company include the State Treasury (36.68 percent of shares and votes at the General Meeting of Shareholders), Pioneer Pekao Investment Management SA (19.64 percent), PZU "Złota Jesień" Open Pension Fund (6.12 percent). More information at www.ciech.com.
Media contact:
Krzysztof Grad, Spokesman of the Ciech Chemical Group, Director of Communication Department of Ciech SA,
tel.: (+48 22) 639 13 18, mob.: 0 669 600 011, e-mail: krzysztof.grad@ciech.com |
|
Azoty Tarnów is one of the largest Polish chemical companies, the company of the United Chemical Synthesis sector, which combines more than 80 years of tradition with modernity. The manufacturer of construction materials in wide demand (polyamides, polyoxymethylene, compounda), caprolactam and mineral fertilizers, approved exporter. Since June 2008 the Azoty Tarnów is listed on the Stock Exchange in Warsaw. |