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Italian Government Rescues Ineos Vinyls Sale

9:49 AM MST | February 23, 2009

Ineos has signed a final agreement to sell most of the polyvinyl chloride (PVC) and vinyl chloride monomer (VCM) assets of Ineos Vinyls Italia to Safi (Cornuda, Italy), controlled by Italian businessman Fiorenzo Sartor. Ineos reached a preliminary agreement in late 2008 to sell the assets to Safi, but negotiations collapsed earlier this month reportedly following a disagreement over the assumption of Ineos Vinyls Italia’s debts. That prompted Ineos Vinyls Italia to announce that it might file for bankruptcy if the sale did not go ahead. Italy’s...

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