Market conditions not conducive to continued production
Indorama Ventures Public Company Limited (IVL) has reached a decision to suspend production for up to one to two years at its Indorama Polymers Workington site in the United Kingdom as margin performance continues to decline.
While the Company consulted closely with all management and employees at the site to seek possible alternatives, it was formally decided to moth-ball the plant while industry margins remain depressed. All employees are to be offered redundancy compensation and opportunities for redeployment where possible.
The Company will continue to serve its U.K. customers from plants situated in Europe without any interruption of business.
