09 April 2013 16:59 [Source: ICIS news]
LONDON (ICIS)--KEM ONE SAS has secured new financial resources from its partners to continue operations as usual, the France-based chemicals firm said on Tuesday.
KEM ONE SAS is the upstream business of vinyls producer KEM ONE, and was placed into receivership late last month.
“The KEM ONE SAS management team will now be able to focus with their strategic partners – Arkema and Total – to find and implement sustainable business solutions for the company,” the manufacturer said in an update issued following a court hearing in Lyon earlier on Tuesday.
Polyvinyl chloride (PVC) producer KEM ONE added that the commercial court of Lyon approved the continuation of “the observation period” for KEM ONE SAS, under the terms of the receivership proceedings which began on 27 March.
The company said: “The funding scheme for this period, which was drawn up with KEM ONE’s partners, will allow the company to continue to operate as usual, whilst plans for the future are finalised.
“The involvement of all stakeholders is essential in view of the mutual dependence between the petrochemical and chemical industry in France, and the underlying industrial, economic and social implications.”
KEM ONE SAS includes KEM ONE’s upstream sites in France. The upstream business employs 1,300 people at its headquarters in Lyon and at seven industrial sites in France: Balan (Ain), Saint-Fons (Rhone), Saint-Auban (Alpes de Haute Provence), Berre, Fos-sur-Mer, Lavera (Bouches du Rhone) and Vauvert (Gard).
KEM ONE is the former vinyls products business of Arkema and employs a staff of 2,600 people at 22 sites, mainly in Europe but also in Asia and North America.
Industrial investment group Klesch acquired the business in July last year.
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