Polish chemical company Ciech Group plans to sell its subsidiary Ciech Pianki, which produces polyurethane (PUR) foam, according to Dariusz Krawczyk, the group’s chief executive.
In 2012, Ciech forecasts sales at a similar level to those a year earlier, when they totalled 4.17bn zloty (€1.01bn), Krawczyk told local business daily Parkiet.
“I estimate that next year, our net profit will be significantly improved,” Krawczyk said. In 2011, Ciech posted a net profit of only 2m zloty (€490,000).
With the planned sale of two other chemical companies, Vitrosilicon and Alwernia Ciech, the Polish group aims to earn up to 250m zloty (€61m), the chief executive said.
Ciech launched production of PUR foam in 1971 as the first manufacturer in Poland. In June 2011, the Polish group established Ciech Pianki as a separate entity. Based in Bydgoszcz, Poland, the production facility has about 130 employees.
Established in 1945, Ciech is headquartered in Warsaw, Poland. The Polish Treasury is the biggest shareholder in Ciech, with a 38.72% stake in the chemical group. The group has a workforce of less than 6,000. Ciech’s product range includes PVC, PE foam, polyester resins, epoxy resins, epichlorohydrin (ECH) and various nitrogen fertilisers.
Other shareholders include investment fund Pioneer Pekao Investment Management, with a 9.99% share, and two private pension funds, ING OFE and PZU Zlota Jesien OFE, with a 5.31% and 5.1% stake in the chemical group, respectively.
