Coverage of high-potential mid-market firms in Poland


Ciech chemicals on Organika-Sarzyna, Romanian unit, debt, and potential investments

TAG'S: CIECH, Chemicals Industry

Listed chemicals firm Ciech may keep its Organika-Sarzyna unit, whose sale is being negotiated with Grupa Azoty unit Pulawy, if the buyer does not offer a satisfactory price, CEO Dariusz Krawczyk told reporters.


Following are highlights of the press conference:


SALE OF ORGANIKA-SARZYNA: Negotiations are on and will go on until we achieve a satisfactory price. The interested buyer has already concluded due-diligence. We are over-liquid, we are not forced to sell this firm. It is not necessary. Organika-Sarzyna underwent successful restructuring and generates satisfactory results.


DEBT / INVESTMENTS: Mid-2014 we will be able to take advantage of the call option on a half of bonds worth PLN 160 mln. We will be able to repay this part of debt or to spend the means on development investments. and Some of our investment projects have a high rate of return, which would justify implementation of a development scenario. We will decide which option to realize by mid-year.


POTENTIAL ACQUISITIONS: We are not planning acquisitions. Ciech intends to continue its own restructuring process and organic growth.


ROMANIAN UNIT: After some tough times the firm has made a few considerable restructuring achievements in the past weeks, which allows us to think about keeping the plant.


TURKISH COMPETITION: We are closely observing our Turkish competition. We have to prepare ourselves in terms of costs for the entry of new capacities on the market.


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