Press releases

Within the framework of restructuring the Ciech Chemical Group sold 45,4% stake in Polskie Towarzystwo Ubezpieczeń SA to Gothaer Insurance Group for approximately PLN 136 million.

The Ciech Group reached an agreement with Gothaer Insurance Group concerning sale of  all the owned shares of Polskie Towarzystwo Ubezpieczeń SA (PTU). On July 28, 2010 Ciech’s subsidiaries Janikosoda SA and Soda Mątwy SA signed a contract for sale of 45,42% shares of PTU to Gothaer Finanzholding AG being a wholly-owned subsidiary of Gothaer Versicherungsbank VVaG, a parent company of Gothaer Insurance Group. The contract value amounts to approximately PLN 136 million.

– Gothaer Insurance Group offer proved to be the best. Ciech reached one of important goals for year 2010 and PTU gained strong branch investor – said Artur Osuchowski, member of the Ciech’s Management Board.

– We carried out a very important element of restructuring plan. Its other parts will be consistently realized according to the assumed schedule – underlined Ryszard Kunicki, President of Ciech SA.

Soda companies became shareholders of PTU SA in 2003 in consequence of acquisition of shares in the company’s increased capital in exchange for a kind contribution consisting of shares in Ciech SA. The investment in PTU was treated as a financial investment intended for sale. The disinvestment process began at the beginning of 2008. The dynamically changing market conditions significantly affected negotiations with bidders. The deal will come into force upon receipt of all the necessary permits of antitrust authorities.

The nearest future will bring further implementation of the Group Restructuring Plan. Presently, negotiations with Marvipol about sale of real property in Warsaw are conducted. Letter of intent has been already signed. Simultaneously Ciech analyses sale possibilities of Gdańsk Fosfory, Alwernia, Vitrosilicon, Pofla, Cheman, Transclean and Transoda. Disinvestments will contribute to focusing on the most profitable businesses and are aimed at gaining financial means for debt reduction.

Conclusion of the contract is a good information for both the Ciech Group and PTU.  A strong investor from the industry means opening new perspectives for Polskie Towarzystwo Ubezpieczeń SA. Experience and understanding the local market combined with support from one of the oldest insurance companies in Germany will significantly strengthen PTU position.
Acquiring the 45.4% stake in PTU is also in line with the Gothaer Insurance Group strategy to expand into Central and Eastern European markets.

Founded in 1820, Gothaer Insurance Group ranks among Germany’s largest insurance groups and is one of the country’s largest mutual insurance associations. Gothaer counts approximately 3.5 million clients, in the private as well as the small and medium-sized enterprise sector. Gothaer writes gross premiums of more than EUR 4 billion and its business portfolio is broadly diversified – its premium income is split into the following segments: non-life (40%), life (40%) and health (20%). Gothaer is rated A - by Standard & Poor's and A by Fitch Ratings.