26 March 2013 13:56 [Source: ICIS news]
LONDON (ICIS)--Zaklady Azotowe Pulawy (ZAP) has put in a bid for fellow Polish chemical producer, Zaklady Chemiczne Organika-Sarzyna, a maker of plant protection chemicals and epoxy and polyester resins, ZAP said on Tuesday.
“In accordance with ZAP’s adopted strategy, which aims to complete a portfolio of products and services in agriculture, ZAP is interested in acquiring Organika-Sarzyna as a producer of plant protection products,” ZAP, Poland’s largest nitrogen fertilizer maker, said.
Organika-Sarzyna’s resins business earlier this year lost its epichlorohydrin (ECH) feedstock supplier when Ciech opted to shut down and divest assets at subsidiary Zachem – a transaction completed with BASF in early March saw the company cease toluene diisocyanate (TDI) production – as part of a widened restructuring drive.
However, analysts have said it is feasible to keep the resin unit in operation by turning to the open market for ECH.
ZAP, like Ciech, is controlled by the Polish state, through the Zaklady Azoty Tarnow (ZAT) chemical group. On 14 January, ZAT built its stake in ZAP to 83.7% after making a share swap offer.
In the 12 months to the end of the second quarter of 2012, Organika-Sarzyna achieved sales revenues of zloty (Zl) 618m ($190.7m, €148.2m), Ciech said.
($1 = Zl 3.24, €1 = Zl 4.17)
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