BorsodChem Stops Production Due to Tech Problem

Hungarian isocyanate producer BorsodChem stopped production in its plant at the northern Hungarian town of Kazincbarcika due to a technical failure, it said in a statement on Tuesday.

The firm said the plant was shut down on July 12, adding that neither personal injury nor any environmental contamination occurred. It did not disclose what caused the problem and when production could restart.

BorsodChem officials were not immediately available for comment.

China's Wanhua Industrial Group agreed last month to provide funding worth €140 million to BorsodChem and take over an approximately 38% stake in the company in exchange from FCL, a firm controlled by Permira Funds and VCP Capital Partners.