Ineos/union pact saves plant in Scotland

Anthony Clark
PRW

Published: October 25, 2013 1:50 pm ET
Updated: October 25, 2013 1:52 pm ET

Related to this story

Topics Materials Suppliers, Workforce

ROLLE, SWITZERLAND — The Unite union and Ineos Group AG management have signed an agreement that will save the Grangemouth, Scotland, petrochemicals plant. The deal includes a three-year no-strike clause.

Unite's withdrawal of its opposition to the Rolle-based company's "survival plan," which was already supported by 50 percent of employees on the site, has allowed shareholders to invest an additional £300 million ($485 million) in the company, Ineos said in a statement. The money will be used to fund ongoing losses and to finance the building of a terminal to bring in shale gas ethane from the U.S.

Grangemouth Petrochemicals Chairman Calum MacLean said: "Unite risked 800 jobs and one of the U.K.'s largest manufacturing facilities over a union official investigation before any verdict had been announced. It then advised employees to reject the change essential to the survival of Grangemouth. Today's U-turn means Grangemouth now has an excellent future."

The Scottish government has indicated it will support the company's application for a £9 million ($14.5 million) grant to help finance the terminal and the U.K. government has given its prequalification approval for a £125 million pound ($202 million) loan guarantee facility.

Ineos Group Chairman Jim Ratcliffe added, "This is a victory for common sense. Unite advised employees to reject change and vote for closure. Thank goodness people finally came to their senses.

"Grangemouth now has a great future."


Comments

Ineos/union pact saves plant in Scotland

Anthony Clark
PRW

Published: October 25, 2013 1:50 pm ET
Updated: October 25, 2013 1:52 pm ET

Post Your Comments


Back to story


More stories

Image

'Thermoforming has nearly limitless possibilities'

April 18, 2014 12:54 pm ET

Julie McAlindon of PolyOne Corp. speaks about the future of thermoforming and the integration of Spartech Corp.    More

Image

Ascend targets nylon for auto applications, opening propylene monomer unit in Texas

April 18, 2014 10:57 am ET

Materials firm Ascend Performance Materials Inc. is in full operation at its new nylon 6/6 compounding line in Florida and will break ground by the...    More

Dutch company launching $100 million PP, PE recycling plant

April 18, 2014 10:42 am ET

Quality Circular Polymers is building a new plastics recycling operation in Geleen, the Netherlands' Chemelot industrial chemical site, with a...    More

Lumena suspends trading, delays report amid claims of 'misrepresenting' financials

April 18, 2014 10:19 am ET

China Lumena New Materials Corp., which says it has the world's largest manufacturing capacity for polyphenylene sulfide resin, has suspended its...    More

PolyQuest spins off FiberQuest unit

April 18, 2014 10:14 am ET

PolyQuest Inc. has spun off its FiberQuest unit — which distributes polyester staple fibers and cotton — as a separate company.    More

Market Reports

Thermoformed Packaging 2014 Market Review & Outlook North America

This in-depth report provides analysis and discussions of economic and political conditions, market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as strategies being implemented by thermoformed packaging companies. In addition, there are reviews of 25 leading thermoformers in the packaging segment, assessing their growth initiatives and performance metrics over 10 years.

Learn more

Automotive Market Review and Outlook 2014 The Americas

This 75-page report features in-depth analysis of the automotive industry for the Americas. It includes discussions of market trends, legislative/regulatory activity impacting production and threats as well as design strategies being implemented by the major automakers. Detailed charts and data tables outline North American automotive production over the last five years.

Learn more

Plastics Building & Construction Market Review and Outlook 2014 with MS Excel chart data

This report provides in-depth analysis of the plastic building and construction market for North America, including discussions of trends, opportunities, threats and the latest developments in construction trends that impact plastics processors.

Learn more

Upcoming Plastics News Events

May 6, 2014 - May 8, 2014Plastics in Medical Devices 2014

May 12, 2014 - May 12, 2014Plastics News Brazil Pharma Summit

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

February 3, 2015 - February 7, 2015Plastics News Executive Forum 2015

More Events