Ticona ending PBT production in Shelby, N.C.

DALLAS (Aug. 5, 12:20 p.m. ET) — Engineering resins maker Ticona will end production of polybutylene terephthalate and other specialty polyesters at its plant in Shelby, N.C., by Oct. 1, eliminating about 100 jobs.

The move is being made because of a decline in demand for the plant’s products and because of poor market conditions, officials with Florence, Ky.-based Ticona said. Compounding work done in Shelby will be moved to Florence.

Production of Vectra-brand liquid crystal polymer in Shelby will not be affected, and the plant will continue to employ about 50. Late last year, Ticona officials said the firm would add Vectra production at a plant in Nanjing, China, in 2010. The firm also makes Vectra at a joint venture plant in Fuji, Japan.

Ticona ranks as the world’s largest acetal maker and is part of Celanese Corp., a specialty chemicals firm based in Dallas. Celanese’s advanced engineering materials unit — including Ticona — posted an operating loss of $19 million in the first half of 2009 as sales fell 41 percent to $349 million. Based on sales, the unit was the smallest of Celanese’s four units in the first half, with a 13 percent share.

On Wall Street, Celanese’s per-share stock price began the year under $15, but since had rebounded and was at $27.30 in early trading Aug. 4.

(You need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)

Fields marked with * are required.