Hungarian chemicals company wants to acquire Oltchim Romania

May 3, 2005

Hungarian chemicals company BorsodChem has said that it wants to extend its production capacity, and that it will make an offer for the acquisition of Oltchim, a Romanian state-owned company based in Râmnicu Vâlcea, which generated an income of over 400 million euro in 2004.

The executive director of BorsodChem, Laszlo Kovacs, said, "If the new Romanian government privatizes Oltchim in 2006 we will make a single offer bearing in mind the presence of the Romanian company on the Mediterranean states market."

Kovacs also said that BorsodChem would also be interested in other companies in the region, such as the Polish company Zachem, but said that they will not make an offer because the economic situation of that firm [Zachem] has not improved.

BorsodChem is one of the largest chemical companies in Hungary, with a net profit of 2 billion euro in the first quarter of 2005.