Versalis

Source: Wikipedia, the free encyclopedia.
(Redirected from
Polimeri Europa
)

Versalis S.p.A.
RevenueIncrease €5.123 billion (2018)[1]
Decrease €−287 million (2018)[1]
Decrease €−460 million (2018)[1]
Total assetsDecrease €2.762 billion (2018)[1]
Total equityDecrease €1.044 billion (2018)[1]
Number of employees
5,224 (2018)[1]
Websitewww.versalis.eni.com

Versalis (Polimeri Europa till 5 April 2012) is a wholly owned subsidiary of Italian

chemicals. With more than 5,000 employees and a production of about 9.5 million tons of chemical products in 2018, it is by far the largest chemical company in Italy and one of the largest in Europe.[1]

History

The history of Versalis dates back to the

PVC. Two years later another large plant was set up in Gela, Sicily, close to some offshore oil fields. Other chemical plants were built in Pisticci, Basilicata, where oil was recently found, and Manfredonia, Apulia, for the production of agricultural chemicals. By the time of the 1973 oil crisis, Anic was a well diversified chemical group with activities in both heavy organic and inorganic chemicals, synthetic rubber, plastics and chemical fibers, but was weak in the production of fine chemicals.[2]

The oil shocks had devastating effects on the chemical sector in Italy and, as a result, the state asked Eni to purchase the assets of bankrupt private chemical companies, such as SIR ( Società Italiana Resine, a large phenolic resins producer with operations in Porto Torres, Sardinia) and Liquichimica (a producer of citric acid with a big plant in Saline Joniche, Calabria). In 1981 all these assets were merged in a new company called Enichimica, rebranded as Enichem in 1985.[3]

In 1987

Montedison, at that time the eight largest chemical company in the world. Gardini wanted to reorganize and integrate the company into his sugar and fertilizer empire, but the debt burden he incurred during the takeover rapidly brought Montedison on the threshold of bankruptcy, forcing Gardini to seek state aid. In 1988 a new joint-venture was formed with Eni, called Enimont, in which both companies had 40 per cent of the shares, while 20 per cent was sold on the market. In 1990 Eni bought all Montedison's shares in Enimont, and Montedison withdrew from the chemical sector to pursue a role as an energy company.[4]

In the 1990s Eni, under a heavy debt burden, and plagued with structural problems like a too large number of scattered plants (a legacy of the failed industrialization plans for Southern Italy), with less than optimal size and fixed costs higher than that of its main competitors, was forced to undertook a deep restructuring of Enichem, with enormous economic and social costs: many plants were closed and employment was drastically cut, from 32,963 employees in 1992 to 13,908 in 1999. All non-core assets (like fertilizers and detergents) were sold, mostly to foreign multinationals.[5]

In 2003 Enichem separated its chemical and environmental remediation operations into two new companies, called Polimeri Europa and Syndial (the latter becoming EniRewind in 2019). Finally, Polimeri Europa changed its name in Versalis in 2012.[6]

Governance

As of 2021, the

CEO is Adriano Alfani.[7]

References

  1. ^ a b c d e f g "Versalis Results 2018" (PDF). www.versalis.eni.com. 2018.
  2. ISBN 0812282078
    .
  3. ISBN 9781349229871
    .
  4. ISBN 978-1-405-12520-8
    .
  5. ISBN 9780521871051
    .
  6. ^ Davis, Nigel (29 April 2012). "Polimeri Europa is reborn as Eni versalis". Independent Chemical Information Service. Retrieved 7 February 2020.
  7. ^ "Governance". Versalis S.p.A. Retrieved 23 February 2021.

External links

Official website: https://www.versalis.eni.com

Retrieved from "https://en.wikipedia.org/w/index.php?title=Versalis&oldid=1186030086"