Chinese rescue of Montefibre

To recover debts of approximately 31 million euro, Montefibre, the historic acrylic fibre company for years in financial distress, will sell 50% of its stake in the joint venture Jimont Acrylic Fiber to its Chinese partner Jilin Chemical Fiber Group. Kpmg estimates the value of the transaction to be between 35 and 44 million euro.
Another part of the rescue plan put together by the company's president, Alessandro Nova, involves the intervention of the Saudi partner, Sabic, who will lease some carbon fibre licenses for a value of 20 million euro.