Bio-Industrial Park entrance off of Vidal St. S. (BlackburnNews.com File Photo by Briana Carnegie)Bio-Industrial Park entrance off of Vidal St. S. (BlackburnNews.com File Photo by Briana Carnegie)
Sarnia

BioAmber back from the brink?

It appears Sarnia's BioAmber plant will resume operations under new ownership.

A Montreal court issued an order this week approving the sale of the Vidal Street South plant to a new company being formed by California-based Visolis Inc., and LCY Chemical Corp. of Taiwan.

Reports indicate Visolis plans to produce succinic acid and other higher value products at the Sarnia site.

Sarnia-Lambton Economic Partnership Chair Alex Palimaka said they're very familiar with the new buyer.

"It's a company that the Sarnia-Lambton Economic Partnership had already been working with for a year," said Palimaka. "So, we know they're interested in the community of Sarnia-Lambton, they know what we have to offer. Now they're going to use this opportunity to perhaps be a springboard for investment, not only in bio-succinic acid, but in other technologies that they've already been looking at."

PricewaterhouseCoopers, the court-appointed creditor protection monitor, had 11 bids they were considering.

It is not known how many jobs the new joint venture will create.

When BioAmber halted production during a court-ordered liquidation of assets earlier this year, there were about 60 workers at the Sarnia plant.

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