26 October 2012 16:10 [Source: ICIS news]
LONDON (ICIS)--Poland's Ciech group has received a bid for its nitrogen phosphorus potassium (NPK) fertilizer subsidiary Zaklady Chemiczne Alwernia from a group comprised of Alwernia managers and employees, Ciech said on Friday.
Alwernia is among several non-core subsidiaries earmarked for possible disposal under Ciech’s divestment strategy, which new management says it is pursuing as part of a restructuring effort aimed at cutting debt and focusing on the group's core soda ash business.
The group of managers and employees said it is seeking to either pay for Alwernia in instalments or to raise capital for a single-payment acquisition.
Ciech - which faced an employee protest this week due to rumours of wide-scale redundancies that could be brought on by the restructuring - has already reached a deal with Germany-based pertrochemicals major BASF which will result in the closure of its Zachem toluene di-isocyanate (TDI) business.
It is now looking at the options for the possible divestment of its organics division, comprising epichlorohydrin (ECH), epoxy resins and plant protection products; its agro segment, which produces phosphorus compounds; and its silica division, which manufactures glass products.
As well as being a producer of NPK and specialist fertilizers, Alwernia is the sole Polish manufacturer of food-grade phosphoric acid. The company also produces chromium compounds and fodder additives.
Alwernia has announced plans to launch a 2,000 tonne/year plant later this year that will produce halogen-free melamine-based fire retardants.
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