Ask the headhunter
N.R. asks:
After 30 years, the company I worked for so long went out of business. As a chemical engineer, I got to master all facets of a wildly complicated and fascinating technology, which was state-of-the-art when I joined. In my position, I was able to make my mark on the entire process, train many young engineers and manage multi-million-dollar projects. Of course, I experienced not only the highs but also the lows.
Our division changed hands several times until we were taken over by a Chinese investor a few years ago. The plan was to introduce new technology to capitalize on “green” components for renewable energy, such as wind and solar power, electric vehicles and the telecom industry. While this was a promising strategy, geopolitical reasons prevented our company from receiving European support for the turnaround, and other investors were uninterested. Additionally, it was difficult to connect with European and American customers. This led to our investor pulling the plug and ceasing further funding.
Following the bankruptcy, the trustees negotiated with several interested parties about a potential full or partial continuation of the company. So far, to no avail. It’s questionable, however, whether such a continuation will be successful, as the trustees don’t seem to prioritize employment interests. Therefore, I’ve begun exploring the job market.
I’m looking for a position in the chemical process industry, preferably as a senior engineer or a project leader or manager. Recently, I applied to a very interesting technology company in Leuven. Unfortunately, it’s at least a 90-minute drive by car and the work-from-home policy is unclear.
The headhunter answers:
No matter how solid the business case, under the current geopolitical conditions, it wasn’t very wise to sell the company to a Chinese investor. The investor likely wasn’t sufficiently aware of this when stepping in. Understandably so, as several chip companies in Europe had already been taken over by Chinese investors without causing a stir.
This only changed after disrupted semiconductor supply chains during the COVID pandemic led to the political realization of the great dependence on Asia, especially China and Taiwan. Consequently, Europe set up a large subsidy program, the EU Chips Act. Due to political reasons, Chinese companies aren’t allowed to participate, which is also understandable, as the Chinese government is known to generously support its domestic chip industry to achieve market dominance. I doubt, however, that not being able to participate in the European subsidy program was the sole reason for the Chinese investor to back out.
In any case, I think the withdrawal is a prime opportunity for European investors to step in. The previous owner is said to have bought your company four years ago for 13 million euros. According to the trustees, the premises should currently fetch over 20 million and the machinery is worth well over 20 million. Additionally, there are likely some patents that represent significant value. So, your company surely appears a good catch to me. Unfortunately, the trustees are insufficiently looking after the interests of the 440 plant employees.
If no solution is found, your only option is to look for another job. Leuven definitely has interesting positions to offer you, but some roles require regular presence in the clean room and can’t be performed effectively remotely. However, I’m sure your new employer will help you find a workable solution.
