BorsodChem

BorsodChem is a chemical company headquartered in Kazincbarcika, Hungary, which produces and processes plastic raw materials and isocyanates.[1] BorsodChem manages its two other production plants in Ostrava, the Czech Republic and Blachownia, Poland. Several branch offices are available in Hungary, Belgium, the Czech Republic, Croatia, Italy and Poland.

Contents

History

BorsodChem grew out of a complex of local chemical factories in the North of Hungary, and launched its first and Hungary's first PVC plant in 1963.

In 1991, as the legal successor to the 1949-founded Borsodi Vegyi Kombinát, the company BorsodChem was officially established.[1] BorsodChem has become one of the largest chemical companies in Hungary.

2000 M&A incident

Irish-registered offshore company Milford Holdings purchased a 24.7% stake in 2000. Investigators discovered that Milford Holdings is a front company for Sibur, a company controlled by Gazprom. It sold the stake to CIB, the Hungarian subsidiary of Banca Commerciale Italiana, but Sibur retained option to BorsodChem. Vienna Capital Partners was involved in the affair. Hungarian Prime Minister called for an investigation into the deal.[2][3]

References

  1. ^ a b Official, Company Data
  2. ^ Corporate Governance Risk Survey in Hungary. Merit Research Working ePapers, No 5, June 2002
  3. ^ Barnett, Neil (8 January 2006). "From Poland to Hungary, Gazprom takes stealth route to domination". London: The Independent. http://www.independent.co.uk/news/business/analysis-and-features/from-poland-to-hungary-gazprom-takes-stealth-route-to-domination-522003.html. Retrieved 2009-10-17. 

External links