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Wanhua buys BorsodChem

On June 25, 2011 in the Parliament of Hungary representing BorsodChem Wanhua Industrial Group’s director-general Mr. Ding Jiansheng signed a 1.1 billion Euros loan agreement with the Bank of China’s chairman, Mr. Xiao Gang. Nine hundred million of said loan is to be used for the reorganization of BorsodChem’s overseas liabilities; two hundred million for replenishing BorsodChem’s operating funds for technological transformations and day-to-day expenses.  The Chinese and Hungarian Prime Ministers Wen Jiabao and Viktor Orbán both witnessed the important moment of the signing.

BorsodChem is Eastern Europe’s largest producer of MDI and TDI, sold mostly in Europe, the Middle East and Africa. The global financial crisis the debt-ridden BorsodChem faced grave difficulties, until June 2010 Wanhua purchased 38% of their shares, and then in 2011 purchased all equity rights from Permira and Vienna Capital. As of today Wanhua owns 96 percent of the equity rights after spending a total of 1,23 billion Euros on the transactions. This so far is the largest Chinese investment in Hungary ever.

Wanhua Industrial Group – founded in 2001 – is China’s largest MDI producer. After successfully purchasing BorsodChem now they are the world’s third largest producer of Isocyanate, right behind the German giants Bayern and BASF.

The signing ceremony

Chinese and Hungarian Prime Ministers Wen Jiabao and Viktor Orbán attanding the signing ceremony.