24 May 2011 15:19 [Source: ICIS news]
LONDON (ICIS)--BorsodChem has consolidated the sales and marketing divisions of its polyvinyl chloride (PVC)/chlor-alkali and polyurethanes (PU) businesses, the Hungarian company said on Tuesday.
“As of 31 January 2011, [China-based] Wanhua Industrial Group became the sole owner of BorsodChem and currently the full integration efforts are progressing well on track,” BorsodChem said in a press release.
Yantai Wanhua’s Eugene Wu will lead the consolidation of the businesses' sales and marketing divisions, it added.
The consolidation has led to the departure from BorsodChem of Rik de Vos, former head of business management polyurethanes, and Vladimir Karkoska, former head of the PVC business unit, the company said.
In response to questions about possible wider job cuts and plant closures resulting from the consolidation, BorsodChem CEO Wolfgang Buchele said neither would occur.
“The reorganisation solely served the purpose to organizationally align Yantai Wanhua and [BorsodChem] in order to further position both companies as a new leader in the marketplace that acts now as a group rather than as individual companies,” Buchele said in an emailed statement.
On 18 May, BorsodChem appointed Wanhua’s Li Junyan as the company’s new CFO, replacing Viktor Katona.
In late April, Buchele said Wanhua was wasting no time in trying to realise big ambitions for isocyanates with its acquisition of BorsodChem, and that it was patiently looking to dispose of, or find a joint venture for, the company's 365,000 tonne/year PVC business.
For more on PVC and isocyanates, visit ICIS chemical intelligence
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections