14 May 2012 16:40 [Source: ICIS news]
LONDON (ICIS)--China's Wanhua Industrial Group and Hungarian isocyanates subsidiary BorsodChem have no present interest in acquiring Polish toluene di-isocyanate (TDI) producer Zachem, Wanhua's CEO said on Monday.
Responding to media speculation that Wanhua or BorsodChem was interested in a possible acquisition of the firm, CEO Jiansheng Ding said in a statement that he “would like to take this opportunity to clarify that neither Wanhua Industrial Group nor BorsodChem currently has any interest in acquiring Zachem, the TDI business of Polish chemical group Ciech.”
On 24 April Ciech, which has put loss-making Zachem up for sale, said it had received a concrete offer for the business and was considering whether to invite the firm behind the offer to hold exclusive acquisition negotiations – or to continue talks with several other investors that might come forward with bids.
In September last year BorsodChem inaugurated a new 160,000 tonne/year TDI plant, positioning itself as Europe’s leading TDI producer.
However, former BorsodChem CEO Wolfgang Buchele, who was succeeded by Ding, conceded that the TDI-2 plant – constructed at a cost of €200m ($260m) – was going into commercial production in an unfavourable market environment.
Prior to the launch of the plant, Buchele warned that with new world-scale plants expected onstream in years to come, Europe could face a temporary TDI oversupply by the middle of the decade.
Zachem, located in Bydogoszcz, northern Poland, is also a producer of epichlorohydrin (ECH) and epoxy resins. It is Poland’s sole – and Europe’s fifth-biggest – TDI producer, with 75,000 tonnes/year of capacity.
($1 = €0.77)
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