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.