03 August 2012 13:55 [Source: ICIS news]
LONDON (ICIS)--Polish privatisation officials have failed to find a buyer for chemical producer Zaklady Chemiczne Rudniki after more than a year of attempting to sell off the company, Poland's treasury ministry said on Friday.
There is very little chance that negotiations for the sale of the ministry's 85% stake in Rudniki could be restarted with either of the two German companies that had examined the possibility of acquiring the asset, the silicates and specialty chemicals Woellner Group and chemicals, energy and logistics group Petro Carbo Chem, it added.
“There are issues at Rudniki, such as currency market losses and substantial waste liquidation expense, which potential buyers find difficult to overcome and of course we are beginning to question whether a buyer can be found with the current privatisation approach,” a source at the ministry said.
“We're scratching our heads a bit and it's a pity because once you get through the issues then you have a very decent, promising company,” he added.
Officials would look at what adjustments could be made to the privatisation process for Rudniki, the source said.
Rudniki's production portfolio includes sodium silicate, sodium water glass, potassium silicate, potassium silicate glass and industrial washing agents.
The company is located in Rudniki Kolo Czestochowy in southern Poland.
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