19 October 2012 17:20 [Source: ICIS news]
LONDON (ICIS)--Dow Chemical has closed four extruded foam polystyrene (PS) plants across Europe and the US as part of a $250m/year (€193m/year) savings drive, the US chemical major said on Friday.
The company closed three of the plants - located in Estarreja, ?xml:namespace>
The fourth plant, located in Terneuzen, the Netherlands, was idled at the end of June. All four plants produced Dow’s STYROFOAM extruded foam PS insulation products.
“STYROFOAM production at the Estarreja site in Portugal and Balaton site in Hungary has stopped at the end of September. The STYROFOAM plants in Charleston, Illinois, and Terneuzen, Netherlands respectively stopped production end of September and end of June,” a company spokesperson said.
“Dow will continue to supply products to customers from the remaining stocks,” she added.
The closures were initially announced in April this year, alongside plans to close a toluene diisocyanate (TDI) plant in
At the time of the original announcement in April, the company said the three European factory closures were motivated by "ongoing volatility and headwinds" in western Europe, while the US closure was driven by weakness in the US construction market.
Dow decided to permanently close the TDI plant in Brazil because its has a relatively high costs and low profitability, the group added.
($1 = €0.77)
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