(AOF) – Metabolic Explorer (Metex, -49.74% to 0.19 euros) posted the biggest drop in the SRD market this morning when it resumed trading. The industrial fermentation specialist announced yesterday that it would request, as of March 13, the opening of a safeguard procedure with the Commercial Court concurrently with the request for the opening of judicial recovery procedures for its operational subsidiaries Metex Nøøvista and Metex Nøøvistago.
“Constrained by the situation”, the board of directors of Metex took this decision to “give itself the means to continue discussions with the public authorities aimed at restoring the conditions of access to sugar at a competitive price”. The outcome of these discussions is “decisive in the context of ongoing negotiations with potential industrial partners”, specifies Metex.
The group recalls that for several months it has been facing a hostile economic environment linked to a very sharp increase in production costs, caused by “the soaring prices of raw materials, sugar being the main one”, as well as to “permanent dumping” practiced by Chinese lysine producers, which prevent the group from passing on its own production costs to its customers.
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Nothing is going well for German chemistry
German chemicals, very dependent on Russian gas, are in difficulty. Following sluggish sales in the automotive sector and falling demand in construction, production is down 8.5% in 2022, with overall turnover down 1.6% to 63.1 Billions of Euro’s. Specialty chemistry is doing better. On the other hand, the rate of utilization of production capacities in basic chemicals has slowed significantly to reach less than 80%. The third German industrial sector is tempted by relocation to the United States, where energy costs are much lower. With the Inflation Reduction Act, the United States has established an environment appropriate to current challenges.