11 September 2013 16:04 [Source: ICIS news]
LONDON (ICIS)--Industrie Generali's polyvinyl chloride (PVC) facility in Ravenna, northeast Italy, remains indefinitely closed, with management unable to source vinyl chloride monomer (VCM) feedstock, a source at the company said on Wednesday.
“There are continued negotiations aimed at finding available feedstock, but nobody is expecting positive news any time soon,” he added.
Industrie Generali purchased the fomer Vinyls Italia plant after the business entered bankruptcy proceedings three years ago, beating rival offers from Switzerland's Gita and Croatia's Dioki.
In May last year, Industrie Generali was hopeful that some initial trial production runs would lead to the ramping up of production to levels of 150,000-200,000 tonnes/year within two years.
The company said it needed to hit a level of at least 100,000 tonnes/year to generate a profit.
Plans to potentially source VCM from Dioki were hit by debt difficulties that have left all of that company's plants indefinitely mothballed and management battling to convince creditors of the merits of a revised restructuring plan.
The Ravenna plant has 21 reactors and a nominal production capacity of 140,000 tonnes/year of high-grade PVC. It has 54 employees.
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