Press Release - Warsaw, October 19th, 2007
The representatives of the Ciech Chemical Group agreed with the American company Air Products on the final terms and conditions of amine (TDA) supplies for the Group company ZCh Zachem SA.
Negotiations that have been conducted since September 2006 ensured the continuation of amine supplies for Zachem by 2013 to the extent compliant with the needs of the company from Bydgoszcz and the strategic plan of the Ciech Chemical Group. The new contract, which will be formally signed on October 25th, 2007, updates the provisions of the contracts concluded between Zachem and Air Products in 2004, which is before Ciech SA acquired 80% shares in the company.
The annual value of supplies will amount to approx. PLN 296 million (approx. USD 77 million). Ciech SA committed to grant surety to the Air Products Group for payment obligations of Zachem. By doing so, it expresses its commitment to ensure a stable growth in this company.
Amine (TDA) is the main component used in the process of TDI production, from which polyurethane foams are made to be used in the furniture industry (mattresses, furniture covering) and the car industry (seats, bumpers), in insulant materials, threads and adhesives. The new contract opens new opportunities of growth for the company from Bydgoszcz, all the more ZCh Zachem SA is the sole manufacturer of TDI in Poland.
- The successful negotiations with Air Products were one of the priorities for the Management Board of Ciech. They were conducted constructively, while both parties had in mind new tendencies emerging on the dynamic polyurethane market – Mirosław Kochalski, President of Ciech SA stressed.
About Air Products
Air Products (listed on the New York Stock Exchange: APD) provides services globally: on the industrial, energetic, technological and health protection markets. It offers a unique portfolio of atmospheric and specific gases used in various technological, equipment and service processes. Air Products, founded in 1940, is building a leading position in emerging key markets such as materials for production of semiconductors, refinery hydrogen, home health care services, natural gas liquefaction, advanced coverings and adhesive substances. The company gains recognition thanks to its innovative culture, operational excellence and involvement in safety and the environment. Air Products' annual income stands at USD 9 billion, it operates in 40 countries and hires over 20,000 employees worldwide.
For more information please visit www.airproducts.com.
|
press release download:  Ciech_finalises_negotiations_with_Air_Products.pdf |
|
About Ciech Chemical Group
The Ciech Chemical Group is the largest chemical firm in Poland and second best manufacturer of soda ash in Europe. It comprises over 30 companies, eight of which are the most important manufacturing companies. In addition to soda ash, the other main products of the Group are: salt, phosphate fertilisers, plant protection agents, epoxy resins, raw materials to produce foams and other basic chemicals in the glass-making, furniture, construction and agriculture.
With an annual income worth approx. PLN 3.5 billion, the Ciech Chemical Group is acknowledged to be in the one hundred top enterprises of Poland.
Since February 2005 Ciech SA has been quoted on the Warsaw Stock Exchange (GPW). The State Treasury (36.68% of the shares and votes at the General Meeting of Shareholders), Pioneer Pekao Investment Management SA (12.52%), and Otwarty Fundusz Emerytalny PZU "Złota Jesień" (6.12%) are the most prominent shareholders of the company. For more information please visit the web site www.ciech.com.
Contact for the media:
Waldemar Grzegorczyk, Spokesman of the Ciech Chemical Group, Director of the Communications Office of Ciech SA
Phone: (+48 22) 639 13 18, mobile: 0 669 600 011, e-mail: waldemar.grzegorczyk@ciech.com
|