Yildirim on the acquisition of Petrokemija: We have fulfilled all that was required of us, we know how to make a turnaround

Yildirim Group of Dutch-Turkish origin has announced the latest information regarding the acquisition process of Petrokemija. They state that Petrokemija is yet another troubled company, and they wish to purchase it and commit to the realization of all projects within the Investment Plan that have not yet been implemented.

– We know exactly how to make a turnaround. We will increase product quality, excellence in processes, and environmental awareness through our investments – they state in a press release, explaining that they have already presented such a turnaround at their own fertilizer production plant in Gemlik, Turkey.

– Gemlik Fertilizer was on the brink of bankruptcy, and we restructured that company to become the best fertilizer production plant in Turkey. Last year, we also acquired Rosier in Belgium and the Netherlands, a company that was also on the brink of bankruptcy. We immediately began investments, retained workers, and started restructuring the plants. Our goal is to be among the top five fertilizer production companies in Europe, and we believe we are the best option for managing Petrokemija. The proof of such a claim is our successes in recent years – they state in the press release.

‘We want a strong Petrokemija’

They also stated that the information in the media is in complete contradiction to the actual goals of the company, which include the renewal, improvement, and retention of fertilizer production at Petrokemija.

– We want a strong Petrokemija to compete with the competition, and we have detailed project studies, environmental impact studies, and market analyses. We want to implement them to build Petrokemija stronger than ever before. If we had bad intentions, we would not be making such an effort to acquire Petrokemija. We would buy warehouses in Croatia, import finished products, and become a competitor to Petrokemija – they convey from Yildirim, stating that they never had that intention but want to create added value, new jobs in the factory, and write a success story by transforming Petrokemija into an efficient and productive company.

They also stated that they are not investing in Croatia solely because of Petrokemija, but they hope to invest in renewable energy sources in Croatia as well.

– We are already developing investment plans for the current port owned by Petrokemija, to make it the second-best port in Croatia, after the Port of Rijeka. We believe in this project. For us, it is a challenge, and we are not afraid of challenging projects – they assert.

They are aware, they say, that they are not buying a new factory, but they commit to managing Petrokemija in the right direction, emphasizing several facts about the process and what has been requested from them so far and what has been submitted to the Ministry of Economy and Sustainable Development.

– Over the past two years, we have fulfilled all that was required of us and submitted to the ministry absolutely all documents that were requested from us, including an explanation of the investment plan and business plan. We have submitted numerous statements indicating that our intention is long-term production and development of the company. We have been in intensive discussions with the unions in the company, who have no objections to our acquisition of ownership stakes, and we are currently supporting the company’s operations with 15 million euros, even though the transaction is not yet completed, thereby demonstrating a partnership approach, as well as that it is not in our interest for the situation in the company to worsen further – they state in the press release.

Partnership with the Government

Regarding the ‘constant and various speculations being released to the public’, the group wanted to emphasize that they are aware of and agree with the adopted ten-year investment plan amounting to 600 million kuna, which includes, among other things, all necessary investments in ecology, as well as with the strategic plans of the existing management of the company regarding the modernization and development of Petrokemija during the same period.

They are also aware of and agree with the adopted five-year business plan of the company, which is based on the operation of the factory at full capacity if market conditions allow, and as the future owner of 54 percent of Petrokemija, they are ready, they say, to financially invest in the development of the company with other owners or find the optimal financial structure for financing the company in the financial market.

They are also aware of all the environmental permits that Petrokemija has issued and have no objections to the issued permits, nor have they ever requested that the assumed obligations not be fulfilled or forgiven or reduced. Finally, they state that they are aware of the valid collective agreement in Petrokemija and that they will actively cooperate with the unions.

– We emphasize these facts because new untruths about the negotiation process are presented in Croatian media every week while the negotiations themselves are ongoing. First, it was about environmental permits, and now it is that we do not want to continue production. Both claims are untrue – they state.

The group conveyed that they still believe in a partnership with the Government of the Republic of Croatia and hope to find the best solution and complete this process to the satisfaction of all interested parties in a professional and transparent manner.

– We want to ask the Croatian public not to be biased and not to have prejudices against us. We are going together to ensure the recovery and success of Petrokemija in Croatia – they conclude from Yildirim.