Polimir set to merge with Naftan in search for strategic investor

Chemicals maker Polimir is to merge with the Navapolatsk-based petrochemical giant Naftant, accorrding to the decision taken by shareholders of the two enterprises. Polimir is expected to remain an independent unit with its own bank account. No job cuts are anticipated at the moment, reports the official news agency BELTA.

The final decision on the merger will be taken on November 28.

The reorganization is expected to allow the two enterprises to find a strategic investor in order to finance a large-scale upgrade of the production lines. The upgrade requires almost $2.5 billion.