Permira, the owners of Hungary's PVC manufacturer BorsodChem, say they will hold on to the group as it should recover strongly when the downturn tails off.
According to Reuters, Ulrich Porwollik, a head of communications at Permira in Germany, confirmed a report in Vilaggazdasag.
'Permira has long term goals with BorsodChem,' Christian Neuss, partner at Permira was cited by Vilaggazdasag as saying.
He said once an economic recovery starts in the world, the company will be able to return to growth again.
The paper also cited BorsodChem Chairman Chief Executive Wolfgang Buchele as saying that Wanhua can come in as a partner of BorsodChem but not as a majority owner.
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