AMI incorporated into Borealis to boost growth

08 August 2007 11:55  [Source: ICIS news]

PRAGUE (ICIS news)--Central European melamine and plant nutrients producer Agrolinz Melamine International (AMI) has been incorporated into Vienna-based plastics manufacturer Borealis to facilitate expansion, parent company OMV said on Wednesday.

 

"The incorporation of AMI into Borealis will enable the company to expand further internationally, leveraging Borealis’ global presence and excellent positioning in Abu Dhabi," said Gerhard Roiss, OMV deputy chairman and Borealis supervisory board chairman.

 

"AMI will also benefit from Borealis’ globally recognised expertise in the area of safety and from synergies in sales and in developing the field of technology and development," he added.

 

AMI and Borealis are joint subsidiaries of Austria’s OMV and Abu-Dhabi’s International Petroleum Investment Company (IPIC).

 

"We firmly believe that today's closing is a big step forward for the further international development and expansion of Borealis and AMI. AMI will contribute its growing melamine and fertilizer business and will expand Borealis’ product portfolio," said Khadem Al Qubaisi, IPIC managing director and Borealis supervisory board vice chairman.

 

"Borealis will be a strong partner for AMI on its way to building up a presence in Abu Dhabi as a basis for continuous growth in the Asian markets," he added.

 

The incorporation changes the ownership structure of Borealis: IPIC now holds 64% instead of 65% and OMV 36% instead of 35%.

By: Will Conroy
+44 20 8652 3214

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