Bydgoszcz, Poland — Polish chemical company Ciech Group is reported to be planning to sell its subsidiary Zachem, which it says is the only manufacturer of TDI in Poland.
The move comes after intensive restructuring in the company, which included the loss of 251 jobs.
Ryszard Kunicki, ceo of Ciech, is reported to have said that sale of Zachem has been endorsed by the plants employees and trade unions.
Ciech’s operating profits for 2011 were Zloty 118.7 million, ($39.1 million) down from Zloty 146.9 million in 2010. Ciech said in a 20 March news release that it attributed this fall to the “very difficult” TDI situation.
TDI prices dropped last year by an average of 13.5 percent and were among the lowest in the company’s history, Ciech said, while raw material costs increased by 23 percent.