The management of portfolio assets and affiliates and examination of further acquisitions for the purpose of competence-related diversification into new market segments remains at the heart of our Group policy. The underlying objective over the long term is to extend our basis for sustainable growth and to continuously increase enterprise value. Above all, our focus is on positioning ourselves in less competitive sub-markets and market niches.
Highlights of PCC’s M&A track record
2000 – 2008:
Acquisition of shares in Polish freight companies and the pooling of these activities within the PCC Logistics (Poland) subgroup which, by 2009, had become the largest private rail cargo transport company in the country.
2002 – 2010:
PCC successively purchases shares in a major Polish chemicals producer destined to become PCC Rokita SA. The full acquisition of this, the biggest company in the PCC Group, was completed in 2010.
PCC goes overseas. Through the acquisition of a business unit of Rütgers Organics Corporation, PCC Chemax, Inc. is established in Piedmont (South Carolina, USA). Today, this surfactants manufacturer is part of PCC Exol SA.
Acquisition of the company known today as PCC Silicium S.A. in Zagórze (Poland) which operates a quartzite quarry. It constitutes the raw material base for the silicon metal production plant which we commissioned in 2018.
Three PCC Group companies are quoted on the Warsaw Stock Exchange (GPW): PCC Rokita SA, PCC Exol SA and PCC Intermodal S.A. The market capitalization of these three entities totals around €615 million (as at December 31, 2017).
PCC SE remains the main strategic investor in all its listed subsidiaries. A transparent market price, a strengthened equity base and the possibility of also carrying out investments in the future on the back of further equity-raising activities are the drivers of PCC’s stock market flotation policy.
Partial flotation of PCC Intermodal S.A. on the Warsaw Stock Exchange
Issuance proceeds: around €4.8 million
PCC SE shareholding: around 89%
Partial flotation of PCC Exol SA on the Warsaw Stock Exchange
Issuance proceeds: around €2,5 million
PCC SE shareholding: around 89%
Partial flotation of PCC Rokita SA on the Warsaw Stock Exchange
Issuance proceeds: around €11 million
Simultaneous capital increase: around €13 million
PCC SE shareholding: around 84%
Business divestments are a further aspect of our active investment portfolio management approach. PCC SE divests operations where disposal offers attractive gains and the funds that are released can be invested in the expansion of other core activities. The holding company will also dispose of portfolio entities where these are unable to generate satisfactory returns or no longer offer attractive development potential.
Sale of Rokita-Agro, Brzeg Dolny (Poland), to the Israeli agrochemicals producer Makhteshim Agan Industries.
Sale of the subgroup PCC Logistics (Poland) to Deutsche Bahn AG. This divestment represents the greatest success to date of PCC’s policy of active investment portfolio management.
Sale of the energy supplier PCC Energie GmbH, Duisburg (Germany), to the Spanish company Nexus Energía S.A..
Sale of the telecommunication and data center service provider 3Services Factory S.A., Katowice (Poland) to an international investment fund.
Within the Projects business unit of the holding company PCC SE, we manage important future-aligned undertakings at the planning, financing and construction phase before transferring them to our operational Group segments. One example is the construction of a production plant for silicon metal in Iceland on which work officially commenced in September 2015 following several years of project engineering. On April 30, 2018, the commissioning phase commenced with ignition of the first of the two electric arc furnaces. The official start of production occurred with the first tapping operation performed on May 11, 2018. Start of the Heat-up process of the second furnace commenced on August 31, 2018. This initial development approach enables us to reduce the burden of project management on the segments concerned, while at the same time leveraging experience gained at the Group level from two decades of planning and project stewardship in the development of new fields of activity.
Start of PCC’s successful involvement in the power generation segment involving renewable energies through the establishment of a joint venture, PCC DEG Renewables GmbH, in partnership with the KfW subsidiary DEG mbH. Initial finance provision: €8 million. Find out more about our investments in the Energy
PCC SE and its Russian partner JSC Shchekinoazot establish the joint venture OOO DME Aerosol, thus laying the basis for a bank-financed project for the manufacture of ultra-pure dimethyl ether (DME). Project volume: €20 million.
2012 – 2015:
After several years of negotiations, PCC SE secures the financing package for the Iceland project involving the construction of an ultra-modern silicon metal production plant. The investment volume totalling around US$300 million (approx. €265 million) is largely covered by a loan from KfW IPEX-Bank, with Icelandic pension funds also among the initial investors. Find out more about our Iceland Project >>