INDORAMA
Permanent closure of PET plant in UK
Polyester giant Indorama Ventures (IVL, Bangkok / Thailand; www.indoramaventures.com) is continuing to consolidate its PET capacity in Europe. Following plant closures in Adana / Turkey (see Plasteurope.com of 09.01.2017) and Sardinia, the company has decided to permanently close its PET plant in Workington / UK, which has been mothballed since 2013. It will not restart the plant, the company said in an announcement.
Due to persistently lower margins, IVL temporarily suspended production in northwestern England in August 2013 (see Plasteurope.com of 15.11.2013). The plant was built in the 1980s by what was then Eastman Kodak, and in 2008, Indorama took over the factory. According to Plasteurope.com's Polyglobe database (www.polyglobe.net), capacity of the Workington plant is 168,000 t/y.
The world PET market is significantly oversupplied, with surplus estimated at between 25% and 30%. Among others, Indorama competitors JBF (see Plasteurope.com of 01.11.2017) and M&G (see Plasteurope.com of 27.10.2017) had to shut down some production this year due to liquidity problems.
Due to persistently lower margins, IVL temporarily suspended production in northwestern England in August 2013 (see Plasteurope.com of 15.11.2013). The plant was built in the 1980s by what was then Eastman Kodak, and in 2008, Indorama took over the factory. According to Plasteurope.com's Polyglobe database (www.polyglobe.net), capacity of the Workington plant is 168,000 t/y.
The world PET market is significantly oversupplied, with surplus estimated at between 25% and 30%. Among others, Indorama competitors JBF (see Plasteurope.com of 01.11.2017) and M&G (see Plasteurope.com of 27.10.2017) had to shut down some production this year due to liquidity problems.
28.11.2017 Plasteurope.com [238486-0]
Published on 28.11.2017
German version of this article...