BorsodChem
Encyclopedia
BorsodChem is a chemical company headquartered in Kazincbarcika
, Hungary
, which produces and processes plastic raw materials and isocyanate
s. 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.
plant in 1963.
In 1991, as the legal successor to the 1949-founded Borsodi Vegyi Kombinát, the company BorsodChem was officially established. BorsodChem has become one of the largest chemical companies in Hungary.
, 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.
Kazincbarcika
Kazincbarcika is the third largest city of Borsod-Abaúj-Zemplén county, Northern Hungary. It lies in the valley of the river Sajó, away from the county capital, Miskolc.-History:...
, Hungary
Hungary
Hungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The...
, which produces and processes plastic raw materials and isocyanate
Isocyanate
Isocyanate is the functional group of elements –N=C=O , not to be confused with the cyanate functional group which is arranged as –O–C≡N or with isocyanide, R-N≡C. Any organic compound which contains an isocyanate group may also be referred to in brief as an isocyanate. An isocyanate may have more...
s. BorsodChem manages its two other production plants in Ostrava
Ostrava
Ostrava is the third largest city in the Czech Republic and the second largest urban agglomeration after Prague. Located close to the Polish border, it is also the administrative center of the Moravian-Silesian Region and of the Municipality with Extended Competence. Ostrava was candidate for the...
, the Czech Republic
Czech Republic
The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest....
and Blachownia
Blachownia
Blachownia is a town in Częstochowa County, Silesian Voivodeship, Poland. It lies about 10 km west of the city of Częstochowa.-External links:***...
, Poland
Poland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...
. Several branch offices are available in Hungary, Belgium, the Czech Republic, Croatia, Italy and Poland.
History
BorsodChem grew out of a complex of local chemical factories in the North of Hungary, and launched its first and Hungary's first PVCPolyvinyl chloride
Polyvinyl chloride, commonly abbreviated PVC, is a thermoplastic polymer. It is a vinyl polymer constructed of repeating vinyl groups having one hydrogen replaced by chloride. Polyvinyl chloride is the third most widely produced plastic, after polyethylene and polypropylene. PVC is widely used in...
plant in 1963.
In 1991, as the legal successor to the 1949-founded Borsodi Vegyi Kombinát, the company BorsodChem was officially established. 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 SiburSibur
Sibur is a Russian petrochemicals company controlled by Russian billionaire Leonid Mikhelson. The activities of Sibur include refining of the feedstock gas, production of monomers and polymers, methanol production , mineral fertilizer, tires, synthetic rubber and plastics processing.Russian...
, a company controlled by Gazprom
Gazprom
Open Joint Stock Company Gazprom is the largest extractor of natural gas in the world and the largest Russian company. Its headquarters are in Cheryomushki District, South-Western Administrative Okrug, Moscow...
. It sold the stake to CIB, the Hungarian subsidiary of Banca Commerciale Italiana
Banca Commerciale Italiana
Banca Commerciale Italiana, founded in 1894, was once one of the largest banks in Italy. In 1999 it merged with a banking group consisting of Cassa di Risparmio delle Provincie Lombarde and Banco Ambroveneto, the former Banco Ambrosiano, which had merged in 1998. On 1 January 2003, the group's...
, but Sibur retained option to BorsodChem. Vienna Capital Partners
Vienna Capital Partners
Vienna Capital Partners is a corporate finance advisor and private equity investor headquartered in Vienna.The company is mainly focused on corporate finance, direct investment and trust management in Central and Eastern Europe countries.- History :...
was involved in the affair. Hungarian Prime Minister called for an investigation into the deal.