BorsodChem seals €1.1bn financing deal with Bank of China

27 June 2011 11:24  [Source: ICIS news]

LONDON (ICIS)--The Bank of China signed a €1.1bn ($1.5bn) financing agreement with Hungarian isocyanates producer BorsodChem during Chinese premier Wen Jiabao’s weekend visit to Budapest, Hungary’s Ministry of National Development said on Monday.

The arrangement was drawn up subsequent to China’s Wanhua Industrial Group taking control of BorsodChem in February, an acquisition that created the third-largest isocyanates producer in the world, the ministry said.

Wanhua has made BorsodChem responsible for the group’s isocyanate operations in Europe, the Middle East and Africa. According to BorsodChem CEO and chairman Wolfgang Büchele, there are plans to expand the Hungarian firm’s toluene di-isocyanate (TDI) and methyl di-p-phenylene isocyanate (MDI) capacities and operations.

During Wen Jiabao’s visit, an agreement was signed for China’s Anhui BBCA Biochemical to build a 60,000 tonne/year citric acid plant in Szolnok, central Hungary, the ministry also said.

($1 = €0.71)

For more on BorsodChem, visit ICIS company intelligence

By: Will Conroy
+44 20 8652 3214

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