The merger of two leading Polish chemical enterprises has already begun. After the merger of Companies in Puławy and in Tarnów, one of the biggest fertilizers-chemical companies in Europe will emerge, likely to become a major player on the global chemical market. A few steps towards the merger are yet to be taken, but the first decision has already been made: an agreement concerning the consolidation of Azoty Tarnów and “PUŁAWY” Company has been signed.
An agreement signed
On the 14th of November 2012 we signed an agreement specifying the course of consolidation process between the two companies. The contract contains the terms reached during negotiations: the scope and aims of further activities leading to internal cohesion in the joint company.
The agreement stresses equal status of each party and emphasizes both companies’ experience, know-how, technical progress and the current market position. The above mentioned assets will enable us to become one of the leading fertilizers-chemical companies in Europe and the world. At the same time we need to stress that the investment projects which are currently made or planned by “PUŁAWY” as well as the intellectual property of the company will be supported and protected by the management of Azoty Group formed as a result of the merger.
Cooperation of both parties is of vital importance during the consolidation process. Consequently, a body composed of members of the boards of “PUŁAWY” and “TARNÓW” has been established. The Consolidation Committee will secure the position of our Company as a party with equal rights. Formation of this Committee confirms the corporate subjectivity of both “PUŁAWY” and “TARNÓW”.
The observance of rules laid down in the social agreements and collective agreements binding in both Companies is one of the key elements of the contract. This factor carries large weight from the point of view of social expectations, and therefore it could not have been omitted.
The current agreement makes it possible to offer an optimistic forecast for the future. We would like to assure everyone that we are doing all we can to make the consolidation beneficial for “PUŁAWY” Company and to finalize the consolidation process in the first quarter of 2013, according to the plan.