Shell’s PTT Poly Canada venture to close down

03 March 2009 20:29  [Source: ICIS news]

TORONTO (ICIS news)--Shell’s PTT Poly Canada joint venture polymer plant in Montreal will be closed down permanently due to overcapacity in the industry, the company said on Tuesday.

The polytrimethylene terephthalate (PTT) plant, which started up in 2004 with a capacity of 95,000 tonnes/year, was never profitable, it said in statement.

Efforts to find a buyer had failed, forcing Shell and its partner, Quebec government investment firm Societe generale de financement (SGF) to close the facility and exit the business, the company said.

PTT Poly said it would work with customers during a transition period while the plant would be shut down but did not disclose a timeline for the closure.

A company spokesman said that the shutdown could occur within weeks, depending on customer needs.

He did not comment on staff levels. At start-up in 2004, PTT Poly said it would create about 100 direct and indirect jobs.

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By: Stefan Baumgarten
+1 713 525 2653



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