Ciech invests in Zachem
The Polish concern Ciech plans to invest about a half billion PLN in the development of its Zachem subsidiary. The firm, headquartered in Bydgoszcz, which produces among other products TDI, should be turned into an important player in the European plastics supplies market within 5 years. This was reported in the Polish daily press. The aged finishing plants for the production of PU soft foam and semi-finished products should first be modernised to produce epoxy resins and coatings. Later on the plant will be enlarged. It is hoped to achieve a massive increase in capacity and a broadening of the product range as a result, says Waldemar Grzegorczyk, spokesman for the Ciech group. After completion of the investment programme, Zachem’s annual turnover should increase from the current 800 million to 1.3 billion PLN. Barely two years ago, Zachem, one of the biggest employers in Bydgoszcz with 1200 workers, was on the verge of bankruptcy. The modernising efforts will not, however, create any new jobs, they will simply secure the existing positions.
Ciech bought 80 % of Zachem’s shares from Polska Nafta in December 2006.