Ciech to buy Spanish Proplan for €33.5 mln

WSE-listed chemicals group Ciech will buy 75 percent stake in Spanish Proplan Plant Protection company for €33.5 million., the company said in a market filing with an option to acquire the remaining shares. “The transaction will significantly expand the product portfolio of the Ciech group in the field of plant protection chemicals and will allow geographic diversification of this activity,” Ciech said explaining its decision. The closing of the transaction is planned for July 2-31. With 10 percent of the transaction's value deferred and will take place in equal installments from 2019 to 2022. Propolan operates on the European market, mainly in Spain as well as in Australia and Africa. It manufactures plant protection chemicals and had €16 million revenues last year.