Poland in second attempt at privatising silicates maker Rudniki

21 February 2013 16:01  [Source: ICIS news]

LONDON (ICIS)--Poland's treasury ministry is relaunching the privatisation process for chemical producer Zaklady Chemiczne Rudniki, ministry officials said on Thursday.

Fresh presentations would be made in an attempt to find a buyer for the ministry's 85% stake in the silicates producer, it added.

Written expressions of interest in potentially bidding for the stake should be submitted by 25 March, the ministry said.

An initial attempt at privatising Rudniki, which ran for more than a year until last August, ended in failure with two German companies – silicates and specialty chemicals Woellner Group and chemicals, energy and logistics group Petro Carbo Chem — deciding they did not wish to acquire the company on the terms available.

Obstacles to the sale of the company, located in Rudniki Kolo Czestochowy, southern Poland, include currency market losses and substantial waste liquidation costs, a treasury ministry source said.

The production portfolio of Rudniki includes sodium silicate, sodium water glass, potassium silicate, potassium silicate glass and industrial washing agents.

Rudniki, which has a workforce of 173, had earnings before interest, tax, depreciation and amortisation of zloty (Zl) 16.2m ($5.2m, €3.9m) and sales revenues of nearly Zl 97.5m in 2011, the ministry said.

($1 = €0.75, $1 = Zl 3.14, €1 = Zl 4.17)

By: Will Conroy
+44 20 8652 3214

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