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.