The new year started on a more positive note for the PVC activities trading as Vinyls Italia (Porto Marghera / Italy). Just before 2010 ended, Italy’s new minister for economic development, Paolo Romani, announced that the Swiss-based Gita fund had signed a memorandum of understanding on a takeover of the former Ineos (Lyndhurst / UK; www.ineos.com) subsidiary – for most recent coverage see Plasteurope.com of 08.12.2010. The fund, believed to have Russian participation, has tentatively agreed to buy all assets of the company.

Italian reports say the deal could be finalised in February, and production could resume in March or April. However, significant investment in the facilities at Porto Marghera, Porto Torres and Ravenna, which have been off-stream for more than two years, is believed necessary because of the long standstill and modernisation issues. Also, as in the failed transactions of the past, the success of the latest takeover attempt hinges on chlorine supply, which is in the hands of Eni (Rome / Italy; www.eni.it) and its subsidiary Syndial. The Swiss fund is reported to be interested in acquiring the feedstock units.

Italian officials hope that a successful restart of the three PVC plants could help breathe new life into the country’s practically moribund heavy industry. In December, Romani pointed to 92 companies operating under “special administration”, which offers protection from creditors. The vitality of the Porto Marghera industrial zone is doubted by many in Italy. However, the economic development minister said he sees positive signs for Vinyls. The company’s workforce and the trade unions, which have been fighting to keep the company afloat, are hopeful but also sceptical after the turmoil of the past two years.