Liquid Carbonic Buys Poland's Technical Gas Producers
Apr. 30, 1993
WARSAW, Poland (AP) _ Liquid Carbonic Co., a U.S.-based manufacturer of compressed gases, announced Friday it acquired a 70 percent stake in Poland's two biggest gas factories for $20.4 million.
The company, based in Chicago, Ill., bought controlling interests in the Polgaz factories in Warsaw and in the southern city of Gliwice.
Liquid Carbonic also agreed to invest at least $36 million to modernize the plants and their distribution systems over the next five years.
The Polish state treasury retains the remaining 30 percent of shares in the joint venture.
The Warsaw and Gliwice plants, which jointly employ 790 workers, produced technical gases worth $25.2 million in 1991.
Meanwhile, Britain's BOC Group acquired 70 percent of shares in three other Polgaz technical gas plants in a deal worth $20 million, the PAP news agency reported. The factories in the cities of Poznan, Wroclaw and Siewierz sold technical gases worth $17.4 million in 1991.