Indorama to mothball United Kingdom PET plant

By Gurdip Singh
Correspondent

Published: November 14, 2013 12:06 pm ET
Updated: November 14, 2013 12:08 pm ET

Related to this story

Topics Materials Suppliers, Europe
Companies & Associations Indorama Ventures Public Co. Ltd.

BANGKOK — Thailand’s Indorama Ventures Public Co. Ltd. is mothballing its PET plant at Indorama Polymers Workington Ltd. in the United Kingdom as part of a plan to restructure its European businesses.

The site will shut down no later than March 31, and customers will be served by existing Indorama plants in Europe, the company said in a filing with the Stock Exchange of Thailand.

“The U.K. site may be operated again in two years’ time subject to market conditions,” the company said.

Meanwhile, the company reported a net profit of US$35 million for the quarter that ended Sept. 30, down 24 percent from US$46 million a year ago.

Quarterly sales were flat at US$1.88 billion. IVL blamed the lower performance on depressed margins caused by overcapacity.

IVL said it was on track to significantly benefit from recovery of margins in Asia, which have lagged since last two years.

 


Comments

Indorama to mothball United Kingdom PET plant

By Gurdip Singh
Correspondent

Published: November 14, 2013 12:06 pm ET
Updated: November 14, 2013 12:08 pm ET

Post Your Comments


Back to story


More stories

Image

Ferro sells another piece of its plastics business

December 19, 2014 3:33 pm ET

Ferro Corp. has sold its North American polymer additives business to a private equity firm for $154 million in cash.    More

Image

Antimicrobial polymers firm TiFiber launching pilot production in Ark.

December 19, 2014 10:58 am ET

TiFiber Inc., which makes synthetic compounds to control dangerous microorganisms, will locate a pilot production facility and its future company...    More

Image

Patel named LyondellBasell CEO

December 19, 2014 9:56 am ET

Bhavesh V. “Bob” Patel has been named CEO of Houston-based polyolefins producer LyondellBasell Industries NV, effective Jan. 12.    More

Image

Momentive to get a new name in January

December 19, 2014 9:45 am ET

Momentive Specialty Chemicals Inc. will change its name to Hexion Inc., effective Jan. 15.    More

Image

Thailand's SCG Chemicals buying Norwegian chemical firm Norner

December 19, 2014 9:11 am ET

Thailand's SCG Chemicals Co. Ltd. has announced it has acquired 51 percent of the shares in the independent petrochemical company Norner Holding AS fr...    More

Market Reports

Flexible Packaging Trends in North America

Our latest RESEARCH report examines trends in FLEXIBLE PACKAGING impacting the North American market including a review of economic conditions, key drivers of growth, materials pricing, M&A activity, sustainability challenges and the outlook for 2015.

Learn more

Plastics in Brazil - State of the Industry Report

This in-depth report examines the Brazilian plastics industry from a historical and geographical context. Our analysts provide insight on economic trends and forecasts, growing manufacturing sectors that utilize plastics, private investment opportunities, market environment challenges, and innovations in R&D.

Data tables and charts on producer prices, trade, plastics production and end market indicators is also included.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Upcoming Plastics News Events

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

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

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events