Poland's Ciech extends bids deadline for Organika-Sarzyna resins unit

04 February 2013 13:43  [Source: ICIS news]

LONDON (ICIS)--Ciech has extended the deadline for bids for epoxy and polyester resins subsidiary Zaklady Chemiczne Organika-Sarzyna to 18 February from the end of January, a source at the Polish company said on Monday.

The company was progressing in talks with potential bidders but none of the parties was yet ready to submit a binding offer, he added.

In December, Raiffeisen Centrobank noted fellow Polish chemical company Zaklady Azotowe Pulawy (ZAP) was gearing up to possibly bid for Organika-Sarzyna, also a plant protection chemicals producer.

State-controlled Ciech, the core business of which is soda ash production, acquired Organika-Sarzyna from the Polish treasury ministry as part of an expansion drive in December 2006.

However, with the company strategy now being to pay down debt by divesting non-core units and concentrate on its soda ash business, Ciech wishes to sell the subsidiary.

Ciech has recently completed the sale of its Zachem toluene diisocyanate (TDI) assets to German major BASF and on 1 February announced a preliminary agreement to sell nitrogen phosphorus potassium (NPK) fertilizer subsidiary Zaklady Chemiczne Alwernia to the international Kermas Group.

In the 12 months to the end of the second quarter of 2012, Organika-Sarzyna achieved sales revenues of zloty (Zl) 618m ($219.2m, €148.2m), Ciech said.

($1 = €0.73, $1 = Zl 3.06, €1 = Zl 4.17)

By: Will Conroy
+44 20 8652 3214

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