Ciech to shape up and be leaner and fitter before going public on the WSE

The new management board of Ciech, the biggest Polish chemicals conglomerate, is preparing revolutionary changes in the company. Ludwik Klinkosz, the chairman of Ciech, said that the company is planning to enter the Warsaw Stock Exchange (WSE) in three years. He hopes various pension funds will be interested in buying the shares. Ciech is going to cut production costs by 20%, consolidate two big soda plants, participate in the privatization of the heavy chemicals sector and start bio-fuel production. The final strategy will be decided upon during the Supervisory Board meeting scheduled for April 20. According to unofficial sources the company is also thinking of selling some of its subsidiaries, particularly entities that do not strengthen its position on the chemical market, such as the plants in Alwernia and Boruta Kolor. Thus Ciech hopes to make itself more attractive to investors. (Puls Biznesu, p. 4) A.D.