Ineos shareholders vote to close Grangemouth plant

PRW

Published: October 23, 2013 10:45 am ET
Updated: October 23, 2013 11:45 am ET

Related to this story

Topics Materials, Materials Suppliers, Europe

The blighted petrochemical plant at the giant Grangemouth, Scotland, complex is to close following a meeting by Ineos Group shareholders in London yesterday.

The company's shareholders met on Tuesday to discuss the response of staff to proposed changes to pay and conditions. The facility has been shut for a week due to an ongoing dispute between Ineos and the Unite union.

Ineos made the announcement following a meeting with its workforce at the plant and its associated oil refinery.

Ineos Chairman Jim Ratcliffe said liquidators would be appointed within a week. In a statement to workers he said: "This is a very sad day for everyone at Grangemouth. Management spoke to all 1,370 employees and asked them to support the changes required to save the business. Sadly half of them voted against the plan on the advice of the Unite trade union."

Workers at the site had been given until 6 p.m. on Monday to agree to the changes, which included a pay freeze and downgrading of pensions.

Unite said half of the 1,350-strong workforce had rejected the proposed changes to contracts.

The company has said the plant, which has been shut down for a week because of the dispute, is losing 10 million pounds ($16 million) a month.

Ratcliffe said at the weekend if the petrochemical plant closed it was likely the refinery would go too.

Ineos has said it is ready to invest 300 million pounds ($483 million) in Grangemouth, but only if workers agree to the new terms and conditions.


Comments

Ineos shareholders vote to close Grangemouth plant

PRW

Published: October 23, 2013 10:45 am ET
Updated: October 23, 2013 11:45 am ET

Post Your Comments


Back to story


More stories

Image

Bayer spinning off plastics business

September 18, 2014 8:49 am ET

Bayer AG will spin off its MaterialScience plastics group into a separate, publicly-traded company within the next 12 to 18 months.    More

Image

Investor group wants DuPont to split in two

September 18, 2014 7:37 pm ET

Investment firm Trian Fund Management LP is calling for plastics and chemicals giant DuPont Co. to split itself into two firms, one of which would...    More

Image

PET to PET boosts recycling capacity

September 18, 2014 11:14 am ET

PET to PET Recycling Austria GmbH, a bottle-to-bottle PET recycling operation backed by Coca-Cola Hellenic Bottling and several beverage...    More

Image

Minnesota receives grant to help develop new bioplastics

September 17, 2014 4:08 pm ET

The University of Minnesota has received a $20 million grant to fund the development of new types of bioplastics.    More

Image

China's Polymax Elastomer launches U.S. production in Illinois

September 17, 2014 3:35 pm ET

Chinese materials maker Polymax Elastomer Technology Co. Ltd. has opened a North American production site and headquarters in Waukegan, Ill.    More

Market Reports

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook – North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events