Swiss investment fund Gita-Holding (Zug; www.gita-holding.com) has set 15 February as the date to present its final offer for troubled Vinyls Italia (Porto Marghera / Italy), with closing expected for 10 March – see Plasteurope.com of 18.01.2011. According to the union Filcem-Cgil, the potential new owner has agreed to restart the production facilities at Porto Marghera, Porto Torres and Ravenna – all of which were idled in 2009 – and spend EUR 300m on upgrading and increasing capacity for PVC and its starting materials at the first two.

The buyer is also mooted to be planning an upgrade of the combined PVC capacity at the Venetian and Sardinian sites, with output capability rising from an estimated 265,000 t/y to 475,000 t/y. Chlorine capacity would rise to 360,000 t/y and caustic soda to 395,000 t/y. The chlor-alkali production at Porto Marghera is said to be set for conversion to the membrane process and capacity expanded from140,000 t/y to 160,000 t/y. Output of vinyl chloride monomer (VCM) at Porto Torres is also believed to be earmarked for expansion. The feedstock units are currently owned by Syndial, a subsidiary of Italian energy giant Eni. Earlier reports said the Swiss fund was interested in acquiring these.

The identity of Gita’s owners continues to be in the dark. In December, rumours pointed to Russian investors, and a recent report from Sardinia said the fund is being advised by Agostino De Rossi, a former executive of BP in Italy and later Vinyls Italia’s previous owner, Ineos, along with two Germans, one of which is of Sardinian heritage.