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

PolyOne helps nonprofit get water purification to more places in need

September 17, 2014 1:59 pm ET

Resin giant PolyOne Corp. is teaming up with WaterStep, a non-profit water purification agency, to help the group assist a greater number of disaster ...    More

Image

ACI expanding in South Carolina

September 17, 2014 12:56 pm ET

Reprocessor and recycler ACI Plastics Inc. is expanding in South Carolina.    More

Image

DuPont investing $100 million for more ethylene copolymer capacity

September 16, 2014 1:51 pm ET

Increased packaging demand is leading materials giant DuPont Co. to spend more than $100 million to increase capacity for ethylene copolymers at its...    More

Image

Flexibility for complexity key for Brampton

September 16, 2014 11:26 am ET

Blown film machinery maker Brampton Engineering Inc. is well positioned to meet growing demand for complex film structures, highly customized...    More

Image

Latvian plastics recycler Nordic Plast boosts capacity

September 16, 2014 10:15 am ET

Latvian plastics waste recycler Nordic Plast Ltd. has invested more than 2.5 million euros ($3.2 million) to expand capacity and modernize production ...    More

Market Reports

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

Pipe, Profile & Tubing Extrusion in North America 2014

U.S. demand for extruded plastics is expected to grow by 3 percent in 2014, with PVC remaining the largest segment.

Plastic pipe will post the strongest gains through 2018, continuing to take market share from competing materials in a range of markets.

Our latest market report provides in-depth analysis of current trends and their financial impact on the pipe, profile and tubing extrusion industry in North America.

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