Borealis, a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers, together with First Energy Bank of Bahrain has bought 20.3% stake in Neochim AD, Bulgaria’s leading producer and distributor of fertilisers and which accounts for a significant share of Bulgaria’s ammonium nitrate output. For this acquisition, Borealis and First Energy Bank have formed a joint venture in Bulgaria called FEBORAN AD.
Neochim is a publicly listed company under the Public Offering of Securities Act, and operates one ammonia plant, two nitric acid plants and an ammonium nitrate plant in Dimitrovgrad in southern Bulgaria.
“This investment is again in line with our strategy to grow our fertiliser business and to maintain our number one position in Central and Eastern Europe. First Energy Bank is a co-investor with sound financial credentials. This cooperation allows us to further strengthen our position in the growing Bulgarian market at a time when Borealis is investing into the integration of the recent acquisition GPN SA, now renamed Borealis Chimie SAS, in France,” said Mark Garrett, Chief Executive, Borealis.
Markku Korvenranta, Borealis Executive Vice President Base Chemical, added, “We believe that fertilisers in Europe offer attractive business opportunities with further potential for growth particularly in Central and Eastern Europe. Neochim is a well-managed dedicated fertiliser company with competitive plants and an advantageous logistics position. Borealis L.A.T will be distributing part of the production through its distribution network.”
Neochim is a publicly listed company under the Public Offering of Securities Act, and operates one ammonia plant, two nitric acid plants and an ammonium nitrate plant in Dimitrovgrad in southern Bulgaria.
“This investment is again in line with our strategy to grow our fertiliser business and to maintain our number one position in Central and Eastern Europe. First Energy Bank is a co-investor with sound financial credentials. This cooperation allows us to further strengthen our position in the growing Bulgarian market at a time when Borealis is investing into the integration of the recent acquisition GPN SA, now renamed Borealis Chimie SAS, in France,” said Mark Garrett, Chief Executive, Borealis.
Markku Korvenranta, Borealis Executive Vice President Base Chemical, added, “We believe that fertilisers in Europe offer attractive business opportunities with further potential for growth particularly in Central and Eastern Europe. Neochim is a well-managed dedicated fertiliser company with competitive plants and an advantageous logistics position. Borealis L.A.T will be distributing part of the production through its distribution network.”