Press Release - Warsaw, October 17th, 2007
The District Court for the Capital City of Warsaw, 12th Commercial Division of the National Court Register, signed Soda Polska Ciech Sp. z o. o. in the register on October 12th, 2007. As a result, Inowrocławskie Zakłady Chemiczne Soda Mątwy and Janikowskie Zakłady Sodowe Janikosoda, the subsidiaries of Ciech SA, became the owners of Soda Polska Ciech Sp. z o.o. Thereby the last phase of merging the Polish soda companies belonging to Ciech SA has started. Before that, in both companies and in Elektrociepłownie Kujawskie Sp. z o.o. belonging to them, some organisational changes had been implemented allowing for the integration of their operations within their activities.
The merger of the two neighbouring companies producing soda and of Elektrociepłownie Kujawskie working for their benefit into one new firm will simplify the soda segment management within the Ciech Chemical Group. After the merger, the effect of synergy will be attainable thanks to the improved coordination of business processes and savings resulting from that, i.e. limiting administration.
The Ciech Chemical Group, owning not only Polish companies but a factory in Romania (Uzinele Sodice Govora) as well, is presently the second best European manufacturer of soda, the raw material used mainly for glass production. The soda segment generated 27% of the income of the Group sales in the first half of 2007.
The approved method of merging the Polish soda companies will be based on the contribution of the assets of IZCh Soda Mątwy and JZS Janikosoda to Soda Polska Ciech Sp. z o.o. This operation should be finalised before the end of 2007. The transformation of Soda Polska Ciech Sp. z o. o. into a joint-stock company and moving its headquarters to Inowrocław, where IZCh Soda Mątwy SA is currently headquartered, will be the following measure to take.
IZCh Soda Mątwy SA and JZS Janikosoda SA will still be recognised in the Ciech SA consolidated balance sheet as they continue to be the owners of stock in Polskie Towarzystwo Ubezpieczeń SA (22.7% capital per each company), however, they will no longer handle the operating activity that will be transferred to Soda Polska Ciech. The above solution eliminates the risk of losing the voting rights from stock acquired in PTU exercised by the subsidiaries of Ciech SA at PTU general meetings of shareholders.
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press release download:  Merger of the soda companies within the Ciech Chemical Group 17.10.2007.pdf |
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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
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