18 January 2013 10:16 [Source: ICIS news]
LONDON (ICIS)--INEOS ChlorVinyls will discontinue production at three plants in the UK and Germany due to difficult economic conditions, it said on Thursday.
The Switzerland-headquartered chlor-alkali producer said the move followed an internal asset review in light of the impact of the prolonged economic downturn on European market demand.
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As demand for PVC in particular continues to be very weak, the company said it needed to address its current overcapacity in chlorine, VCM and PVC.
"We are taking these measures in light of current and expected economic conditions impacting demand across
“We are confident these measures, along with other ongoing improvement initiatives, will help secure our business in the long term by improving profitability and cashflow during these very difficult times," he added.
The company said it expects to achieve the changes without involuntary redundancies, and employees and their representatives will be kept fully informed as matters progress.
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