Two Bidders Battle for NCHZ Chemicals Plant

What future awaits the NCHZ plant?

Just two companies will be bidding to take over Slovakia’s biggest chemicals plant Novacke chemicke zavody (NCHZ), one from Slovakia and the other from the Czech Republic. In mid-August there were six interested parties.

The Slovak company is no other than M-Energo of businessman Miroslav Remata, which made a bid of EUR 2 million for the massive plant back in November 2010. The company apparently has ties with financial group J&T. This offer was met with opposition from the National Property Fund (FNM), however, which decided to call a tender instead.

The other company is Spolchemie Slovakia of Czech-based Via Chem, which operates the chemical plant in the Czech town of Usti nad Labem.

The performance bond for the tender was EUR 1 million, and both companies have already deposited it. The third party that had stayed in the race till now was Messer, but it eventually opted to pull out. The two tenderers left fighting it out will be conducting due diligence at the Novaky chemicals plant so that they can compile their final offers.

The company ran into financial difficulties back in 2009 after the European Commission slapped a EUR 19.6 million fine on it for suspicions of a cartel agreement. The 1,500 plus workers at the plant are still uncertain about their future, but the winner of the tender should maintain operations.

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