Polish chemicals group Ciech is seeking a buyer for its polyurethane foams subsidiary Foam Ciech as part of an overall plan to sell off all operations apart from its core soda ash business.
This was made clear by the Warsaw-based group's chief executive Dariusz Krawczyk who said Ciech will take its time to attract the right purchasers, rather than floating its non-core companies on the stock market, reported the Polish Press Agency (PAP).
"The only question is choosing the right time and getting a satisfactory price offer," Krawczyk told the agency.
Ciech, a leading fertiliser producer, has already received offers for some of its subsidiaries. They include Organika Sarzyna, a maker of polyester, epoxy and curing resins, moulding hardeners and pesticides, which attracted a bid from Zaklady Azotowe Pulawy (ZAP) which produces fertilisers and caprolactam.
In March, Ciech completed the sale of parts of its PU intermediate toluene diisocyanate (TDI) business to BASF for €43m.
The Foam Ciech operation in Pianki, Poland began life as Organic Chemical Plant Zach in 1971. It was the country's first producer of flexible foams. The plant was upgraded in 1999 to enable it to produce highly elastic material and in 2007 extended its product range to include lightweight and flame retardant foams.
Ciech Pianki supplies foam blocks as well as a range of cut panels, shapes, sliced blocks and sets chiefly to the Central and Eastern European markets.
By Richard Higgs
Posted 31 May 2013