Lyon court approves KEM ONE SAS joint takeover plan

20 December 2013 17:13 Source:ICIS News

LONDON (ICIS)--France's Commercial Court of Lyon has approved the business continuity takeover plan for upstream vinyl unit KEM ONE SAS submitted by US-based buy-out firm OpenGate Capital and industrialist Alain de Krassny, France-based producer KEM ONE said on Friday.

“I am very happy to enter into partnership with OpenGate Capital for the acquisition of this company which has many strengths, and whose business activity I know well,” said de Krassny in a press release.

Julien Lagreze, CEO Europe for OpenGate Capital, said in the same release: “Through this alliance we can capitalise on our respective strengths to optimise both the strategic and industrial view of this vinyl activity.”

The KEM ONE management team said it welcomed the officially approved solution for the business continuity of the company.

“The solution was made possible through the tireless dedication of the workforce as well as all stakeholders, in particular the suppliers, customer confidence and the continued support of the government,” the management said in a statement.

KEM ONE SAS comprises 1,300 employees across the company’s Lyon headquarters and seven industrial sites across the country.

By Will Conroy