Poland's Ciech considers IPO to fund acquisitions

15 January 2008 11:09  [Source: ICIS news]

PRAGUE (ICIS news)--Ciech is considering an initial public offering (IPO) in order to finance acquisitions over the next five years, Poland's largest base chemicals producer said on Tuesday.

 

The company said it would would explore the role of an IPO within a strategy which should see it spend zloty (Zl) 4.8bn (€1.3bn/$1.9bn) on a series of domestic and foreign acquisitions and investments up to 2011.

 

A spokesman said the company, which also aims to increase its net profit threefold by that date, was currently looking at two Polish firms as potential acquisitions.

 

They are melamine, caprolactam and nitrogen fertiliser producer ZA Pulawy (ZAP) and nitrogen fertilizer and titanium dioxide (TiO2) producer Zaklady Chemiczne Police (ZChP).

 

Ciech recently agreed to purchase German soda ash maker Sodawerk Strassfurt for €75m ($111m).

 

($1 = €0.67/$1 = Zl2.41/€1 = Zl 3.57)

By: Will Conroy
+44 20 8652 3214

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