Jean-luc Beal on foreign investment
From Audition du PDG de Vencorex, Jean-Luc Béal, à l'Assemblée nationale - 28/04/2025 · · LCP - Assemblée nationale
“Regarding foreign investment controls, all legal procedures were followed, and the French state services authorized the acquisition by Borseochem, confirming that the operation does not threaten national interests, especially in defense.”
On , Jean-luc Beal, Senior Vice President of Engineered Materials at TRINSEO PLC, spoke about foreign investment during Audition du PDG de Vencorex, Jean-Luc Béal, à l'Assemblée nationale - 28/04/2025 on LCP - Assemblée nationale.
About Jean-luc Beal
Jean-Luc Béal, president and CEO of Vencorex, was heard by a French parliamentary inquiry committee on April 28, 2025, regarding the company's judicial recovery and its planned acquisition by Borseochem, a Hungarian subsidiary of a Chinese group. Béal stated that Vencorex France represents 85% of the group's global turnover and employs nearly 600 people worldwide, including 470 in France. He said the company has faced significant operational losses since early 2023 due to a highly competitive global isocyanates market and overcapacity, particularly from new plants in Asia. Béal noted that the cost structure of the Pont Clé platform is outdated and oversized, with energy costs—especially natural gas—being significantly higher in Europe compared to the US and Asia, severely impacting competitiveness. He said that since 2022, Vencorex implemented several cost reduction plans totaling 80 million euros, representing over 30% of its turnover, but these efforts were insufficient to reverse the company's decline. Béal stated that the judicial recovery process was strictly followed, involving consultation with about 50 potential buyers, but only one offer was received—from Borseochem. He said the acquisition does not include the salt mine itself, which remains owned by a sister company, and that the buyer only acquires the industrial activities excluding the strategic salt production. Béal noted that all legal procedures regarding foreign investment controls were followed, and the French state services authorized the acquisition, confirming that the operation does not threaten national interests, especially in defense. He said the takeover includes the transfer of patents and know-how related to isocyanate derivatives, but the electrolysis patent was not included. Béal also stated that the electrolysis unit, started in 2016 with a total investment of 103 million euros and subsidized by the French state and local authorities for 43 million euros, will have its assets and know-how available to any buyer after liquidation. Regarding environmental regulations, Béal said they are positive for the chemical industry if implemented with balance, but going too fast or too far risks undermining the competitiveness of European industries in the global market.