Industrie Generali (IGS, Samarate / Italy; www.industriegenerali.it) officially acquired Vinyls Italia’s Ravenna PVC site on 7 November. This ends more than two years of negotiations between Italy’s economic development ministry and a string of potential buyers about a takeover of all or parts of the former Ineos subsidiary owned in succession by some of the biggest names in the European PVC sector – for the latest coverage see Plasteurope.com of 26.10.2011. Unsuccessful suitors included Italian businessman Fiorenzo Sartor, Ramco Trading & Contracting of the United Arab Emirates, the Swiss-Russian investment fund Gita and Croatian petrochemical producer Dioki.

Roberto Castiglioni, CEO of IGS, said PVC production at Ravenna should resume in January 2012, with the aim of achieving output of 100,000 t/y of PVC in the first 12 months and double that volume in 24 months. Previous statements by the new owner foresaw a re-start at the end of 2011, with output to average 140,000 t/y in the first year. Altogether, IGS plans to hire 50 workers at Ravenna in Q1 2012, whereby preference will be given to Vinyls Italia employees at Porto Marghera near Venice and Porto Torres in Sardinia.

Squabbles with Italian energy giant Eni over feedstock supply, one of the reasons for Ineos exiting its Italian operations and for the difficulty in finding a buyer, meanwhile have been dealt with. However, the long-awaited signing, scheduled for 26 October, was held up by IGS’ refusal to assume Vinyls Italia’s debt to the operator of its wastewater treatment plant. Local news reports say these problems “seem permanently resolved.” Italian trade unions welcomed the final sale of Ravenna, but tension in the industry and between the unions continues pending a viable solution for the two remaining sites.