The former Pongs & Zahn Plastics AG (D-22761 Hamburg; www.pongsundzahn.de) is now trading as Ponachem AG. The new name is intended to reflect the connection with the company´s compounds marketed under the name “Pona” as well as its connection to the chemical industry. The corporate holding of the German compounding group will continue to be known as Pongs & Zahn AG. According to chairman Hermann Hönig, plans are to make an initial public offering for Ponachem this year, so that there will be two Pongs & Zahn companies listed on the stock market.

In November 2002, Pongs & Zahn sold 90% of its stake in polyamide producer Unylon Polymers AG (D-03172 Guben) to a private equity company, which has re-established itself as Unylon AG (D-22761 Hamburg; www.unylon.de). Directly and indirectly, Pongs & Zahn still holds 24% of the Guben firm, which is investing EUR 14.5m in expansion of production for highly viscose PA at the eastern German site. A spokesman told Plasteurope.com that despite state subsidies this investment would have been too much for the compounding group to finance alone. Without the intake from the equity sale, Pongs & Zahn would have posted a loss in 2002 for the second consecutive year. Instead, figures show a net profit of EUR 2.7m after a EUR 1.7m deficit in 2001. Sales fell to EUR 62.6m from EUR 75.8m.