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Ciech SA to Sale Its Subsidiary Zachem SA to BASF SE’s BASF Polska sp. z o.o.

Friday, 12 Oct 2012 12:30pm EDT 

Ciech SA announced that on September 24, 2012, together with its subsidiary, Zaklady Chemiczne Zachem SA (Zachem SA) it signed with BASF Polska sp. z o.o. and BASF SE a conditional agreement regarding the sale and transfer of intangible assets related to the production of TDI to BASF Polska sp. z o.o. including customers lists, trade contracts for the sale TDI, intellectual property rights to the products and TDI technology and know-how related to the production of TDI. The value of the transaction is EUR 43 million. Closing of the sale is subject to obtain the necessary approvals and consents, including the consent of the Treasury, represented by the Minister of the Treasury, as required under the provisions of the agreement concerning the sale of Zachem SA’s shares. The fulfillment of the conditions precedent is due by December 31, 2012, and by BASF in the field of anti-trust approvals relevant authorities on February 28, 2013. As a result of the implementation of the agreement of sale and transfer, the Company will cease operations in the segment of the production and sale of TDI. 

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-1.03 -1.25%
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