The board of troubled PVC/VCM producer Vinyls Italia last Friday decided against liquidating the company. Instead, it will apply for “controlled administration”.
This means that, assuming the application is accepted, the Italian government’s minister for economic development will then appoint a special commissar to take over the running of the company for a limited period. During that time, the company would be reorganised and readied for resale.
According to local reports, the company will present its application before the end of this week.
Under special administration, the company should be able to continue operating, although most likely not at the same level as before. The situation is similar to what happened with another Italian company, injection moulding machine maker Sandretto, soon after it was acquired by Taylor’s Internatianal three years ago.