LONDON (ICIS)--Poland’s PCC Rokita is to spend up to zloty (Zl) 98.3m (€23.7m) raised from an initial public offering (IPO) on expanding its polyurethane (PU) systems and polyols capacities and on research and development, the company said on Tuesday.
The successful IPO meant PCC Rokita could pursue a Zl 50m investment plan which over the next three years would see its polyols capacity rise from 20,000 tonnes/year to 50,000 tonnes/year and its PU systems capacity grow from 100,000 tonnes/year to 130,000 tonnes/year, the company added.
All of, or much of, the remainder of the raised capital from the Warsaw Stock Exchange listing would be ploughed into research and development projects, the firm, based in Brzeg Dolny, southwestern Poland, said.
PCC Rokita sells its PU systems output to the furniture and construction industries, with European thermal insulation material producers key buyers, the company said.
The company is a subsidiary of Germany's PCC chemicals, energy and logistics group.
Apart from polyols and PU systems, PCC Rokita produces chlorobenzene, chlor-alkali, surfactants, phosphorous derivatives and napthalene derivatives.
PCC Rokita recorded a 2013 operating profit of Zl 77.2m on revenues of Zl 1.1bn, company figures show.
(€1 = Zl 4.14)