Indorama Ventures Public Company Limited (IVL) has reached a decision to suspend production for up to one to two years at its Indorama Polymers Workington site in the United Kingdom as margin performance continues to decline.
While the Company consulted closely with all management and employees at the site to seek possible alternatives, it was formally decided to moth-ball the plant while industry margins remain depressed. All employees are to be offered redundancy compensation and opportunities for redeployment where possible. Indorama announced to continue serving its U.K. customers from plants situated in Europe without any interruption of business.
Indorama Polymers (IRP) Workington PET facility is located in the industrial town of Workington, in the county of Cumbria, North-west England. The facility was acquired by Indorama Ventures in 2008 from Eastman Chemical Company. The facility has an annual production capacity of 168,000 tonnes. The site produces PET resin made with MEG from plant-based ethanol.
About Indorama Ventures
Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB), is a leading producer in the polyester value chain, with a global footprint and manufacturing across Africa, Asia, Europe and North America. Its products serve major players in consumer staples. The company's main products are PTA, PET, Polyester fibers and yarns and Ethylene Oxide/Glycols, which are distributed across the world. IVL has 9,500 employees worldwide.Weitere News im plasticker