24 April 2013 15:42 [Source: ICIS news]
LONDON (ICIS)--The largest chemical group in Poland and the second-largest fertilizer producer in Europe has formally changed its name from Zaklady Azoty Tarnow (ZAT) to Grupa Azoty, the company said on Wednesday.
Over the past two years, a consolidation of major chemical assets still held by the state has seen the group take controlling stakes in the largest Polish fertilizer producer and melamine and caprolactam (capro) producer Zaklady Azotowe Pulawy (ZAP), nitrogen fertilizer and oxo-alcohols producer Zaklady Azotowe Kedzierzyn (ZAK) and multi-component fertilizer and titanium dioxide (TiO2) maker Zaklady Chemiczne Police (ZChP).
As an “EU major”, Grupa Azoty – also a producer of polyamide 6 (nylon 6) – is likely to be on the radar of large investors, investment bank WOOD & Company has said.
However, Polish prime minister Donald Tusk has said that Poland would probably to continue to block any Russian investors looking to take control of assets, including Grupa Azoty, which are substantial users of natural gas from Russia, as Moscow uses its gas exports as part of its foreign policy.
On 19 April, the European Bank for Reconstruction and Development (EBRD) bought a 5.75% stake in the group from the Polish treasury ministry, saying it hoped to actively promote and support a Grupa Azoty privatisation process.
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