11 hours ago
INEOS Phenol to permanently close Gladbeck site
INEOS Phenol, the world's largest producer of phenol and acetone, announced its intention to permanently stop production at their site in Gladbeck, Germany. Sky high European energy costs alongside Europe's punitive CO2 tax policy have combined to leave Europe uncompetitive against imported Chinese production and a global oversupply.
After carrying out a detailed strategic review, the business intends to permanently exit the Gladbeck site at a date to be confirmed. Europe's lack of competitiveness has already led to the exit of several downstream consumers of phenol and acetone to such an extent that local demand no longer supports the operation of the Gladbeck site which dates from 1954 and requires significant future investment.
Commenting, Sir Jim Ratcliffe, Chairman of INEOS said, 'This is the consequence of Europe's total lack of energy competitiveness and the blind devotion to carbon taxation which is leading to a mass deindustrialisation across the continent. Gladbeck is not the first and will definitely not be the last unless the regulators wake up and take action'
INEOS Phenol will now enter into consultation with the works council, employees, customers and suppliers to exit the site in a safe, responsible and compliant manner. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
INEOS Phenol plans to permanently close its Gladbeck, Germany site due to high energy costs and EU carbon taxes, which have made Europe uncompetitive amid global oversupply and rising imports. The 1954 facility no longer has sufficient local demand. INEOS will consult stakeholders to ensure a safe, compliant exit and remains committed to its global phenol business.
Fibre2Fashion News Desk (HU)
