Solvay Sodi Buys Three Raws Producers for BGN 22.1 Mln.
04.08.2000
Solvay Sodi AD, a Bulgarian soda ash producer, completed the BGN 22.1 million (USD 10.3 million) purchase of three companies, a move expected to make its production more efficient. Solvay Sodi AD, a unit of Belgium's Solvay SA, agreed to also invest BGN 30.7 million as part of its purchase of 77% of a thermo-power plant, 80% of a lime plant and 78% of a salt producer. Between 20 and 30% of the purchase price will go to the Bulgarian government either in cash or through government securities. The rest will go to reduce the 4.65 billion pesetas (USD 25.28 million) Bulgaria owes Spain in connection with bankrupt Mineralbank. The shares of the lime plant will be transferred to a joint venture between Solvay Sodi and cement maker, Devnya Ziment AD, which is majority owned by Italcimenti SpA