Vencorex: François Bayrou rules out the possibility of nationalization

Prime Minister François Bayrou has ruled out any nationalisation of the Vencorex company in Pont-de-Claix (Isère), on which many jobs depend, in a letter addressed to elected officials and unions, we learned on Monday.

"Even a temporary nationalisation of Vencorex cannot be the answer in the absence of an identified long-term solution," the Prime Minister emphasises in this letter.

Since December, elected officials in the region, supported by parliamentarians and leaders of the main left-wing parties, have been calling for a "temporary nationalization" of Vencorex in order to avoid its dismantling and a loss of sovereignty for sectors such as nuclear and space.

This company, which is in receivership, plays a central role in the regional chemical industry, supplying it with products that are then used as raw materials, including salt.

An expert report "has shown that Vencorex's activity is not viable according to all the scenarios studied, including the most optimistic, with cumulative losses of several hundred million euros by 2032/2033," estimates François Bayrou.

"I note that to date, despite the efforts made by the judicial administrator and the State services by mobilizing public financial tools where necessary, Vencorex has only received one takeover offer," he emphasizes.

The government and state services "are and will remain fully mobilized alongside elected officials and local stakeholders," according to him.

An exchange with his office is planned in the coming days.

"It's a cold shower, and a deep disappointment because it's a firm and categorical no to everything," reacted Raphaël Guerrero, mayor of the neighboring town of Jarrie, where an Arkema factory is located, which has announced that it is considering cutting 154 of its 344 jobs following the difficulties of Vencorex.

"The State is not helping us, we will continue to fight, particularly so that the National Assembly can debate" the subject, he added.

Vencorex is now awaiting a liquidation judgment from the Lyon commercial court on March 6. Only about fifty of the 450 jobs are expected to be maintained as part of a buyout of part of the business by the Chinese group Wanhua, its competitor.