13 December 2013 12:25 [Source: ICIS news]
LONDON (ICIS)--France-based polyvinyl chloride (PVC) producer KEM ONE SAS is set to begin deliveries of the material on Friday after disruption from an employee strike, a company source said on Friday.
The source said that there have been no deliveries of material out of the company’s petrochemical plants in France in the last two days, as employees mounted protests in the run-up to the announcement of a potential new owner of the business.
The plants have been producing, but deliveries have been disrupted. Truck deliveries are set to resume today, the source added. KEM ONE could not be reached to officially confirm the information.
The protests come while the sale process for KEM ONE SAS – the upstream PVC and caustic soda business of KEM ONE – nears a conclusion.
Two bidders are left in the running, KEM ONE said on Thursday, with buy-out firm OpenGate Capital and industrialist Alain de Krassny submitting advanced bids for the company, and agreeing to officially confirm their takeover bids, a process that is being formalised over the next few days.
Private equity firm Sun European Partners had been mentioned in earlier stages of the process, but said in November that it would be unable to submit its offer to KEM ONE’s committee. A potential bid from French union CGT also failed to materialise.
A winner will be announced in Lyon’s commercial court on 18 December.
Additional reporting by Renee Lawrence
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