NewswireToday - /newswire/ -
Vienna, Austria, 2010/04/30 - Borealis, a leading provider of chemical and innovative plastics solutions, has successfully launched its inaugural bond in Austria. Borealis
The initially planned amount of EUR 100 million was increased to EUR 200 million as the market reacted very positively to the offer. Borealis will use the additional funds for general corporate purposes including financing of the company's major investment projects in Europe and the Middle East.
"We are very pleased about the success of our inaugural bond in Austria," says Borealis Chief Financial Officer, Daniel Shook. "We believe this confirms that Borealis' strategy of Value Creation through Innovation, in combination with our strong financial profile, represents an attractive investment opportunity. The Austrian bond is a significant step in an overall strategy to diversify our funding investor base while extending our maturity profile."
Borealis is one of the largest companies in Austria and has its international headquarters in Vienna. With sales of EUR 4.7 billion in 2009, customers in over 120 countries, and 5,200 employees worldwide, Borealis is the second largest plastics producer in Europe and number 9 worldwide ranked by nameplate capacity. In Austria, Borealis operates one of the most modern plastics production site in Europe in Schwechat. The company's international Innovation Headquarters is based in Linz.
Borealis (borealisgroup.com) is a leading provider of chemical and innovative plastics solutions that create value for society. With sales of EUR 6.6 billion in 2008, customers in over 120 countries, and 5,400 employees worldwide, Borealis is owned 64% by the International Petroleum Investment Company (IPIC) of Abu Dhabi and 36% by OMV, the leading energy group in the European growth belt. Borealis is headquartered in Vienna, Austria, and has production locations, innovation centers and customer service centers across Europe and the Americas. Through Borouge, a joint venture between Borealis and the Abu Dhabi National Oil Company (ADNOC), one of the world's major oil companies, the company's footprint reaches out to the Middle East, Asia Pacific, the Indian sub-continent and Africa. Established in 1998, Borouge employs approximately 1,400 people, has customers in more than 50 countries and its headquarters are in Abu Dhabi in the UAE and Singapore.
Building on the unique Borstar® technology and their experience in polyolefins of more than 50 years, Borealis and Borouge provide innovative, value creating plastics solutions for the infrastructure (pipe systems and power and communication cables), automotive and advanced packaging markets. In addition, Borealis offers a wide range of base chemicals from melamine and plant nutrients to phenol and acetone.
Today Borealis and Borouge manufacture over 4 million tonnes of polyolefins (polyethylene and polypropylene) per year. Borouge is currently tripling its polyolefins manufacturing capacity to 2 million tonnes per year (t/y) by mid-2010 and an additional 2.5 million t/y is scheduled for 2013. The companies continue to invest to ensure that their customers throughout the value chain, across the globe, can always rely on product quality, consistency and security of supply.
Borouge and Borealis are committed to the principles of Responsible Care® and proactively contribute to addressing the world's water and sanitation challenges through their Water for the World™ initiative.