Westlake Vinnolit Takes over Insolvent Vynova Wilhelmshaven
The provisional insolvency administrator of Vynova Wilhelmshaven has signed a letter of intent with the US chemicals group Westlake regarding the acquisition of the production site for polyvinyl chloride and vinyl chloride monomer in Wilhelmshaven.
In the insolvency proceedings of Vynova Wilhelmshaven, the provisional insolvency administrator Christian Kaufmann from Pluta Rechtsanwaltsgesellschaft has announced good news regarding the ongoing investor process. The restructuring expert has signed a letter of intent with the listed US chemicals group Westlake regarding the acquisition of the production site for polyvinyl chloride and vinyl chloride monomer in Wilhelmshaven.
Westlake Vinnolit, a German subsidiary of Westlake Corporation, intends to take over the business operations and all of the approximately 350 employees of Vynova Wilhelmshaven. The planned takeover has been notified to the relevant authorities for approval. The purchase agreement is to be concluded and the transaction completed immediately after the opening of insolvency proceedings and the granting of the necessary regulatory approvals.
Until the intended takeover, Vynova Wilhelmshaven will continue to be operationally integrated into the Vynova Group and will continue to operate as a contract processor for its Belgian sister company Vynova Belgium.
Pluta restructuring expert Kaufmann says: "There were some challenges to overcome during the process, but we were able to successfully stabilize business operations and continue production of the PVC products. We have had good discussions with Westlake in recent weeks and I am delighted that this strategic investor wants to take over the business. My thanks go to the dedicated and motivated Vynova employees who have always shown full commitment since the insolvency filing in December 2025 despite the uncertainty associated with insolvency proceedings."
The structured investor process was supported by Deloitte Wirtschaftsprüfungsgesellschaft led by Stefan Weniger and Merlin Smeenk. An ideal investor has now been found in Westlake Vinnolit. The Pluta team expects to be able to complete the transaction in June once the necessary regulatory approvals have been granted. Meanwhile, business operations at Vynova Wilhelmshaven will continue seamlessly and production will continue in full in May and June.
On December 12, 2025, Wilhelmshaven Local Court ordered provisional insolvency administration over the company's assets and appointed Christian Kaufmann as provisional insolvency administrator. The Pluta team has held numerous discussions over the past few months in order to ensure the continuation of business operations. This also included a close exchange with the state government of Lower Saxony. In addition, a loan against assets from NORD/LB and Volksbank Wilhelmshaven was a key element in enabling the company to continue as a going concern.
Vynova Wilhelmshaven is part of the Vynova Group, which is headquartered in Belgium. Since 1981, Vynova Wilhelmshaven has been operating one of the largest European plants for the production of suspension PVC (S-PVC), a high-quality material that is used in numerous everyday products. The company also produces vinyl chloride monomer (VCM), a key component in the manufacture of PVC. The Wilhelmshaven site, which is located on the western edge of the North Sea bay "Jade Bay", has direct access to the sea.
As a leading European manufacturer of PVC and an important partner for caustic soda, Westlake Vinnolit offers tailor-made solutions for customers from a wide range of industries, such as the construction sector, the automotive industry, the healthcare sector and the pulp and paper industry. The company employs around 1,400 people in Germany at its headquarters in Ismaning near Munich and at its four production sites in Bavaria and North Rhine-Westphalia. Westlake Vinnolit is a member of the Westlake group of companies.
Westlake Corporation is a global manufacturer and supplier of materials and innovative products that improve the daily lives of people around the world. Its products provide the necessary building blocks for everyday products in the housing and infrastructure, packaging and healthcare, automotive and consumer goods sectors. The US company is listed on the New York Stock Exchange and is headquartered in Houston with operations in Asia, Europe and North America. Westlake was founded in 1986 and employs around 14,600 people worldwide.
