The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Chemicals And Pharamceuticals Manufacture Of Chemicals And Chemical Products 20.14 - Manufacture Of Other Organic Basic Chemicals
410 jobs Number of planned job losses
Announcement Date
24 December 2024
Employment effect (start)
1 January 2025
Foreseen end date
Description
Vencorex, a subsidiary of the Thai company PTT Global Chemical and manufacturer of tolonates, is being sold. The only takeover offer came from BorsodChem, a subsidiary of the Chinese competitor Wanhua. The proposal includes retaining 54 out of 464 employees at the Pont-de-Claix site and investing €10 million by 2027. Vencorex has been under judicial recovery since September 2024.
The offer sparked anger and disappointment among employees, leading to protests from October 23 to December 24. These protests halted operations at Vencorex and other subsidiaries, threatening in total an estimated 3,000 direct and 10,000 indirect jobs.
On December 24, an agreement was signed by all trade unions (CGT, CFDT, CFE-CGC) and the company board, with the CGT being the last to agree. The deal ended the strike and provided both €40,000 supra-legal severance bonus for each dismissed worker, and
a 25% bonus starting February for employees helping to ensure safer operations during the transition.
Unions remain dissatisfied with the number of jobs preserved and plan to continue pushing for improvements, keeping the option of future strikes on the table. Earlier, in mid-December, the unions requested Prime Minister François Bayrou to temporarily nationalize the company, but no response was received.
3 January 2025: Les affiches de Grenobe et du Dauphine (www.affiches.fr)
Citation
Eurofound (2024), Vencorex, Merger/Acquisition in France, factsheet number 202122, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/202122.
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