Narrative
Full Description
Project narrative
On December 10, 2006, the administrators of British company Fibres Worldwide Limited sold the business and its assets to China National Bluestar Corporation, a Chinese state-owned company majority-owned by China National Chemical Corporation Limited (ChemChina). Fibres Worldwide specialized in the production of carbon fibers and the acquisition was intended to acquire capabilities, technology, and fulfill Chinese demand for the product. Upon the acquisition, the company was renamed Blue Star Fibres Company Limited. Then, in 2007, China Development Bank Corporation (CDB) issued a loan to Blue Star Fibres Company to support the acquisition. The acquisition included a plant at Moody Lane in Grimsby, England that produced carbon fiber precursor product. Production at the plant had stopped before BlueStar purchased Fibres Worldwide. BlueStar invested heavily in the plant after the takeover; however, the economic downturn that greatly reduced demand for the product. In 2013, BlueStar announced it would cease production at the plant. Production ended in November 2013.
Staff comments
1. The Chinese project title is 国家开发银行蓝星纤维有限公司收购英国 FIBERS WORLDWIDE LIMITED 贷 款项目. 2. While this loan supported the acquisition, it is not entirely clear how it did so, as the borrower was the target institution and not the acquirer. 3. There is also evidence that China National Bluestar (Group) Corporation provided multiple shareholder loans and Bank of China provided at least one loan to Blue Star Fibres Company Limited. These transactions merit further investigation. See https://www.dropbox.com/scl/fi/t5tranluilzaacfdgnjsh/Blue-Star-Fibres-Company-Limited-2007-Financial-Statements.pdf?rlkey=l8ziu2s3wepfzwqbqfntzq2mv&dl=0 and https://www.dropbox.com/scl/fi/4stzb8f3qgdfbawohpqmc/Blue-Star-Fibres-Company-Limited-2008-Financial-Statements.pdf?rlkey=a83j480s0k06ojjyuh37m5m8a&dl=0 and https://www.dropbox.com/scl/fi/ojbjd51f2rqpfcmnbwrpf/Blue-Star-Fibres-Company-Limited-2015-Financial-Statements.pdf?rlkey=eg3o6jv6dv3i43vnjli8zlik8&dl=0 and https://www.dropbox.com/scl/fi/oywk0fij6edwuqetqphoy/Blue-Star-Fibres-Company-Limited-2014-Financial-Statements.pdf?rlkey=lj71i52082ywwfa7vyxx96bo4&dl=0 and https://www.dropbox.com/scl/fi/2j8avl4ay2brr19ds4c7t/Blue-Star-Fibres-Company-Limited-2013-Financial-Statements.pdf?rlkey=ovx4b5ltnjcnjddi26y4aiul9&dl=0 and https://www.dropbox.com/scl/fi/1ouhpvghmnqqm38gir68g/Blue-Star-Fibres-Company-Limited-2012-Financial-Statements.pdf?rlkey=bruxgthbkxu8tvaj3ir83p4gw&dl=0 and https://www.dropbox.com/scl/fi/4lwb5yovj089pcfovvg7x/Blue-Star-Fibres-Company-Limited-2011-Financial-Statements.pdf?rlkey=r8ix0q3wdwok6l0dk4wi6zzdl&dl=0 and https://www.dropbox.com/scl/fi/8p5y2rzuv5ivltur3g832/Blue-Star-Fibres-Company-Limited-2010-Financial-Statements.pdf?rlkey=o9smcecgqv5skj8k85dcn2w70&dl=0 and https://www.dropbox.com/scl/fi/pg9ewwozb100jeahcrvpm/Blue-Star-Fibres-Company-Limited-2009-Financial-Statements.pdf?rlkey=8h1j5a3v3g3ep40s9kmfmdwxs&dl=0 and https://find-and-update.company-information.service.gov.uk/company/06013546/filing-history?page=4