Correction:
In the third paragraph of this story on 24 February 2014 we quoted BorsodChem sales of Euro 14.28m ($19.7m) this was as a result of a mis-translation from Hungarian. The correct figure for BorsodChem's sales in 2012 was Euro 1.03bn, according to the company. BorsodChem declined to give a figure for profitability.
Yantai, Shandong – Wanhua Industrial Group said it has no plans to merge its Wanhua Chemical subsidiary with Hungary’s BorsodChem in 2014.
Wanhua Industrial stated, shortly after it purchased a 96% stake in BorsodChem in January 2011, was that it would merge Wanhua Chemical and BorsodChem when the correct conditions were met.
One of the key conditions was that BorsodChem would make sufficient profit. Wanhua initially suggested it would like to merge the units by August 2012. BorsodChem's sales in 2012 were Euro 1.03bn ($1.4bn), according to the company. BorsodChem declined to give a figure for profitability.
Wanhua declined to comment on when it expects to see an improvement in performance at BorsodChem.
Currency translation 5 March 2014
