03 April 2009 13:54 [Source: ICIS news]
PRAGUE (ICIS news)--Zaklady Azotowe Tarnow (ZAT) has adopted a commitment to spend zloty (Zl) 700m ($214m, €158.7m) on capital investments in 2009-2011, including a polyoxymethylene (POM) expansion, the Polish producer said on Friday.
The POM investment would require the largest proportion of expenditure – Zl300m – and lift capacity from 14,000 tonnes/year to approximately 50,000 tonnes/year by 2011, ZAT said.
The company also said that it was working on a new line of fertilizer for sale in the southern hemisphere but did not provide further details.
ZAT said it informed its shareholders that they should not expect any dividend payments for a few years due to the financial demands posed by planned capital expenditures.
ZAT also gave an insight into its performance across the first quarter of this year; all in all, it said, revenues were down about 10% from the same period last year.
Caprolactam and fertilizer prices were lower but the fertilizer profit spread more or less held up as raw materials were also lower, the company said.
($1 = Zl3.27, €1 = Zl4.41)
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