26 July 2013 16:36 [Source: ICIS news]
LONDON (ICIS)--Poland's Ciech has closed a final agreement to sell nitrogen phosphorus potassium (NPK) fertilizer and chromium compounds subsidiary Zaklady Chemiczne Alwernia to investment group Kermas Investment Group, Ciech said on Friday.
Kermas, whose assets include include manufacturers of ferrochrome and chromium chemicals and mining and mineral processing subsidiaries, paid a total of $13.4m (€10.1m) for 99.62% of Alwernia, it added.
State-controlled Ciech – Europe's second largest soda ash producer, which is pursuing a restructuring programme that could see it dispose of all of its non-soda ash divisions – said Kermas, had met all the conditions set in a January preliminary agreement for the acquisition of Alwernia.
“The disposing effect of the final contract was dependent on the payment of the first part of the sale price of shares in the amount of approximately $6.7m million and the repayment of a company loan of Alwernia by the Issuer [Ciech] of approximately zloty [Zl] 14.2m [$4.4m, €3.3m],” Ciech said in a statement on the sale.
As well as being a producer of NPK and specialist fertilizers, Alwernia is the sole Polish manufacturer of food-grade phosphoric acid and produces fodder additives.
Alwernia's products are used, in particular, in the production of washing agents, in the tanning, meat and food industries, in paint and varnish production and in horticulture and agriculture, Ciech said.
($1 = Zl 0.75, $1 = Zl 3.20, €1 = Zl 4.24)
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