Jul 27 2006
NOVA Innovene announced today its intention to close its Carrington, UK, site in October 2006. The plant has solid polystyrene production capacity of 180 kilotonnes per year and currently employs 82 people.
“We have significant overcapacity in our PS business” said Martin Pugh, Managing Director of NOVA Innovene. “This, combined with significant feedstock volatility, has depressed margins, making our PS business unprofitable. In making this change, we intend to address our overcapacity and improve our cost structure, a key objective for NOVA Innovene.”
“We do, however, recognise the potential impact of such a decision and will work hard to make this transition as successful as possible for our employees at the site and the community.”
“This is a major change for our customers and the market” said Pierre Minguet, Polystyrene Business Director. We will be working closely with all our customers to manage the change as best as possible. We have also been actively reviewing our grade portfolio and expect to be able to provide equivalent grades from other European plants.”