Two Chinese companies are to acquire French plywood producer Plysorol, which has been in receivership since November last year.
Shangdong Longsheng Import has joined forces with wood and packing company Honest Timber to buy the company for an undisclosed sum.
The new Chinese-owned operation was approved by the Commercial Court of Lisieux, northern France, and backed by Plysorol’s workers and local authorities.
Plysorol’s products include okoume, poplar and exotic panels. The company, which has three sites in France and production facilities in Gabon, was put under court protection following parent company
Sonae Capital’s application for judicial recovery in the Commercial Court of Lisieux.
The new owners have committed to retaining Plysorol’s staff of around 470 for the next three years and to invest €20m (US$26.5m) in modernising much of Plysorol’s machinery.
