There are rumours in the market that troubled PET producer La Seda de Barcelona may have breached its bank covenenants with an announcement due out today (6 October).
These are unsubstantiated rumours so I'd love to hear from anyone who can tell me if this is true or false. Please contact me by e-mail at will.beacham@icis.com
Shares in La Seda were suspended earlier this year in a dispute about 2008 accounts. Its UK operation, Artenius, entered bankruptcy proceedings too and is being administrated by Deloitte.
Showing posts with label La Seda de Barcelona. Show all posts
Showing posts with label La Seda de Barcelona. Show all posts
Tuesday, 6 October 2009
Monday, 17 August 2009
Another blow for Teesside chemicals; more Artenius layoffs
More workers at the Wilton, Teesside chemical site were laid off last week after administrators Deloitte decided to mothball the PET plant belonging to Artenius, the UK division of La Seda de Barcelona which is cutting costs.
A further 58 workers have been axed from a Teesside chemical plant which went into administration last month, according to nebusiness.co.uk.
"This leaves just 49 staff at the plant. This follows the 137 workers who were laid-off when administrators Deloitte were called in at the end of July."
Deloitte is trying to find buyers for this plant. Read the background to the Wilton chemical site's shutdowns and its future in my latest article in ICIS Chemical Business: The Domino Effect
Listen to me talking about it on our weekly chemicals podcast.
View North UK chemical cluster in a larger map
A further 58 workers have been axed from a Teesside chemical plant which went into administration last month, according to nebusiness.co.uk.
"This leaves just 49 staff at the plant. This follows the 137 workers who were laid-off when administrators Deloitte were called in at the end of July."
Deloitte is trying to find buyers for this plant. Read the background to the Wilton chemical site's shutdowns and its future in my latest article in ICIS Chemical Business: The Domino Effect
Listen to me talking about it on our weekly chemicals podcast.
View North UK chemical cluster in a larger map
Wednesday, 5 August 2009
Artenius Wilton workers lobby in Spain
Beleaguered workers from the Artenius site at Wilton, Teesside, are going to Spain in the hope of convincing parent company La Seda de Barcelona's shareholders that this site is worth saving.
The blog is not convinced: the Artenius PTA plant relied on Sabic's aromatics unit at Wilton for paraxylene feedstocks. This site closed at the end of 2008.
The downstream PET unit relies on ethylene glycol from a Dow plant which is also scheduled to close early next year. Where will these plants get their feedstocks from?
The blog is not convinced: the Artenius PTA plant relied on Sabic's aromatics unit at Wilton for paraxylene feedstocks. This site closed at the end of 2008.
The downstream PET unit relies on ethylene glycol from a Dow plant which is also scheduled to close early next year. Where will these plants get their feedstocks from?
Monday, 27 July 2009
La Seda Wilton plant to close
Another plant is to close at the beleaguered Wilton, Teesside, chemical site, according to ICIS news. I'm researching an article on chemical sites and clusters in the downturn, and have been focussing on Wilton.
It has suffered recent closures of Dow's ethylene oxide plant as well as Invista's adipic acid plant. Sabic closed its aromatics unit at the end of 2008.
Would be interested to hear anyone's views on the future of this site.
Picture credit http://www.flickr.com/photos/parksy/50019865/sizes/o/
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