a successor of Wanhua Industrial Group
What was the parent organization of BorsodChem between Apr 2019 and Sep 2019?
BorsodChem Wanhua-BorsodChem is a Hungarian chemical raw material manufacturing company headquartered in Kazincbarcika , Northern Hungary . It is the European member of the Wanhua Chemical Group . The company specializes in isocyanates ( MDI , TDI ) , PVC and chlor-alkali ( vinyl ) businesses . The main production site is located in Kazincbarcika , Hungary but the production is also supported by other European production capacities located in Ostrava , the Czech Republic and Kędzierzyn-Koźle , Poland . Several branch offices are available in Hungary , Belgium , the Czech Republic , Croatia , Italy and Poland . Since 2008 a new R&D and technical support center was established in Gödöllő . History . Beginnings . The establishment of the Borsodi Vegyi Kombinát ( BVK ) the predecessor of Wanhua-BorsodChem , was decided at the end of 1949 , based on the Borsod coal , the water of the Sajó , the proximity of the road and the railway . In the new industrial area , a decision was made to build a coal classifier , a coking plant , a coal-fired power plant and a Lignite-based chemical plant ( nitrogen plant ) , as well as service plants , with a budget allocation of HUF 1 billion . The giant investment took place between 1950 and 1955 , and was inaugurated on 10 December 1955 . It became the largest industrial facility in the country at the time . Deficiencies and errors made during construction delayed the start of continuous production for 3 years . PVC era . The year 1963 brought the biggest changes in BVKs life to date . They switched to the production of natural gas-based synthesis gas , and in parallel , coke-based operations were discontinued . They merged with the Berente Chemical Works and launched the Olefin I program , under which the production of thermoplastic polyvinyl chloride ( PVC ) began for the first time in the country . They built their mercury cathode chlorine and hydrochloric acid plant . The second expansion of the nitrogen plant began in 1964 , during which the construction of their urea plant was also started . In 1969 , the PVC-II Factory , which also produces PVC powder , was put into operation . At that time , BVK was the 6th largest company in the Hungarian chemical industry in terms of headcount . A modern plastic factory capable of producing 150,000 tons of PVC per year was built in 1971 . This became the largest chemical investment in Hungary to date . Three years later , the expansion continued with the construction of a new PVC plant ( PVC III ) , which was built on oil instead of natural gas and processed ethylene purchased from the Tiszai Vegyi Kombinát ( TVK ) . From the early 1980s , great emphasis was placed on plastic processing . In 1983 , the mixing plant and the PVC window plant , the last plants in the program , were put into operation and the installation of the phosgene plant was completed . BorsodChem . Stock market membership in Budapest and London . On 1 August 1991 , as the legal successor to the 1949-founded Borsodi Vegyi Kombinát , the company BorsodChem was officially established . BorsodChem has become one of the largest chemical companies in Hungary . In 1996 , it became the first company to register its shares on the Budapest Stock Exchange as well as the London Stock Exchange . In 2000 , he bought 28.5 percent of the shares of Tiszai Vegyi Kombinát , which were later resold to MOL . M&A incident in 2000 . Irish-registered offshore company Milford Holdings purchased a 24.7% stake in 2000 . It sold the stake to CIB , the Hungarian subsidiary of Banca Commerciale Italiana . Vienna Capital Partners was involved in the affair . Hungarian prime minister called for an investigation into the deal of M&A ( Mergers and Acquisitions ) . Wanhua Industrial Group . In 2006 , the majority ownership of the company was acquired by Permira Venture Capital Fund , which delisted the shares from the stock exchange in the following year . Since 2011 , BorsodChem Zrt . has been managed by the Chinese Wanhua Industrial Group the fastest growing group of companies producing and selling polyurethane raw materials in the world . Today , Wanhua – BorsodChem is Hungarys leading chemical company and one of Europes leading producers of MDI , TDI and PVC raw materials and a leading manufacturer of specialty chemical products . Developments . At the end of 2018 , Wanhua – BorsodChem decided to invest in brownfields and had begun to build an aniline factory . Of the cost of 142.2 million euros , 45 million is covered by the Hungarian state subsidy . The handover of the factory is expected in 2021 . With the start-up of the new plant , the company will create about fifty new jobs . Again on the stock market . In 2019 , a successor of Wanhua Industrial Group , injected the shares of BorsodChem into the listed associate company Wanhua Chemical Group . Administrative changes . Thanks to the establishment of Borsodi Vegyi Kombinát and the huge number of workers attracted here , Kazincbarcika was awarded the citys rank and became one of the first so called socialist city in 1954 . Its location in Berente , a village annexed to Kazincbarcika in 1954 , caused several residents resenting the fact that they receive only a small part of the local taxes the factory pays . This led to the secession of Berente in 1999 . External links . - Corporate website - PU website - PVC website - Kazinbarcika plant - Ostrava plant - Blachownia plant - Wanhua Group