Steel maker snaps up bankrupt Bulgarian chemical firm Polimeri’s assets

Author: Will Conroy


LONDON (ICIS)--The assets of bankrupt Bulgarian chemical producer Polimeri have been acquired by steel manufacturing and trading company Hus, a source at the latter enterprise confirmed on Tuesday.

They added that Hus paid Bulgarian leva (BGN) 14.5m ($8.3m) for the land, buildings and equipment of Polimeri, which ceased production in 2010 before being declared bankrupt four years ago. Its output consisted of chemical products based on chlorine-alkaline electrolysis.

Hus, located in the southern Bulgarian city of Plovdiv, has not disclosed its plans for Polimeri in Devnya, near the Black Sea port city of Varna, and the source offered no comment on whether assets would be cut up for scrap.

Prior to its closure, Polimeri announced redundancies in early 2010, citing depressed markets.

Established in 1962, Polimeri produced liquid chlorine, purified caustic soda, diaphragm caustic soda, ethylene bichloride, chemically pure hydrochloric acid, synthetic hydrocloric acid, hypochlorite and technically pure sodium chloride.

Most of its output was exported, mainly to Turkey but also to Hungary, Croatia, Serbia, Greece, Bosnia and Macedonia.

($1 = BGN1.75)