Unions to meet with Wellman examiner to discuss possible sale
Kieran Wallace
of
Interpath Advisory
on Monday as part of an effort to find a buyer for the facility and prevent job losses.
The unions say the plant has considerable untapped potential and safeguarding it and its workforce should be a particular priority for government given its environment significance.
Its parent company, Indorama Ventures, says it has lost 'double-digit millions across 2023 and 2024' and needs to be financially restructured. Mr Wallace, of Interpath Advisory was appointed interim examiner on Tuesday.
Having opened in 1973 under American ownership, the facility in Mullagh was taken over by Thai based Indorama Ventures in 2011. At one point it employed more than 500 people and the unions claim it has been run down by its current owners.
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The factory recycles plastic bottles and other waste and is capable of producing polyester fibres and other products including car components.
Union representatives briefed local TDs on what they believe is the potential of the plant on Thursday evening and hope to persuade the examiner to allow them speak with prospective buyers. A meeting with management is also scheduled for next Wednesday.
'I think the hope would be that Government would take a particular interest is saving the plant given the context of Ireland's recycling policies,' said Michael O'Brien of Unite.
'The examinership did not come as a huge surprise to the people working at Wellman but they are not fatalistic about the situation at all and they want to be involved in the process to find a buyer because they believe they can help highlight its potential.'
Indorama, which operates a large network of facilities internationally has cited high energy costs and competition from China and other regions. It has said its board believes the plant 'does have a potential future'.
It says, however, that some jobs may be lost during the examinership process and there is concern among the three unions with members there, Siptu and Connect as well as Unite, that the terms offered may fall short of previous voluntary packages.
Siptu's Alan Clark said he is optimistic a buyer can be found to take the operation over as a going concern. 'It's a very versatile facility and we certainly believe there is the potential for it to continue.'
Despite the number of jobs at the site having reduced over time, Wellman remains a major employer in Cavan and important to the local economy.
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