Latest news with #IndoramaVentures
RTÉ News
3 days ago
- Business
- RTÉ News
Job cut fears as Cavan's Wellman International to enter examinership
There are fears over possible job cuts at Wellman International after it filed a petition with the High Court to place its operation in Mullagh, Co Cavan into examinership. Wellman International employs 217 people and is the largest European producer of recycled polyester fibres. It began operations in Mullagh in March 1973 and the site was acquired by Indorama Ventures in 2011. The company said Wellman has seen losses in the double-digit millions across 2023 and 2024, resulting from increased energy prices following geopolitical conflicts and fierce competition from low-priced imports from China, Africa and Middle East. "Nevertheless, the board believes that the operation does have a potential future and accordingly has elected to apply for examinership," the company said in a statement. Kieran Wallace of Interpath Advisory has been appointed as interim examiner and will engage with all stakeholders. If his appointment is confirmed by the High Court, he will continue efforts to devise a workable survival scheme. Anthony Troy, director at Wellman International, said that while examinership gives the company the best prospect of retaining as much employment as possible, it is important to acknowledge that there is the potential for a reduction in headcount as part of the process. "This decision is no reflection on the hard work and commitment of our employees in Mullagh," Mr Troy said. "We are aware of the uncertainty and concern this will cause for our people as we attempt to secure the survival of the company. For more than two years, management has taken action to cope with the situation. "Unfortunately, these measures have not proved sufficient to overcome the challenges we are facing," he added. The Mullagh factory manufactures recycled polyester fibres from used plastic materials. The fibres have a wide variety of industrial uses including in the automotive, home, leisure and hygiene sectors. Indorama Ventures is listed in Thailand is a petrochemicals producer, with a global manufacturing footprint across Europe, Africa, Americas, and Asia Pacific.
Nikkei Asia
3 days ago
- Business
- Nikkei Asia
Thai chemical giant Indorama buys into Indian packaging maker
BANGKOK -- Thai petrochemical company Indorama Ventures has taken a roughly 25% stake in Indian packaging manufacturer EPL from U.S. investment firm Blackstone, tapping rising demand from India's growing population. Indorama is paying an estimated $220 million for the shares. Mumbai-based EPL, which employs around 3,500 people, makes daily necessities as well as specialized products such as plastic tubes for the health care industry.
Business Wire
13-05-2025
- Business
- Business Wire
Ayuda en Acción, Indorama Ventures and IMG Group Join Forces to Promote Recycling as a Driver of Development in Mali
MADRID--(BUSINESS WIRE)--Bamako, the capital of Mali, is facing a severe environmental crisis, exacerbated by the uncontrolled accumulation of waste, open waste burning, and widespread deforestation to produce charcoal. This situation not only pollutes the environment and accelerates desertification but also puts public health at risk and limits development opportunities. An estimated 1,950 people – 40% of whom are women – will directly participate in the project, improving their socio-economic opportunities in Mali. In response to this challenge, the NGO Ayuda en Acción, together with Indorama Ventures, and IMG Group, have signed a collaboration agreement through the adaPETation ® network to strengthen plastic recycling in Bamako, via the Plastic2Prosperity initiative. The primary goal of the alliance is to create socio-economic opportunities for the people of Bamako and for those displaced by conflict in the north of the country, through the circular economy. This partnership aims to demonstrate how recycling not only benefits the environment but also generates socio-economic opportunities in complex settings. Plastic2Prosperity in Mali, the beginning of meaningful change The initiative takes shape through the launch of Bamagreen, the first project under the Plastic2Prosperity programme by the adaPETation ® network, created by IMG Group. adaPETation ® brings together strategic actors to address a shared challenge: transforming the systemic issue of plastic into an opportunity to regenerate the planet, people, and communities. Through its Plastic2Prosperity programme, it supports projects that foster plastic circularity, but which go beyond recycling to generate real wellbeing where it is most needed. Its distinctive approach places people at the centre, promoting inclusive and equitable development opportunities. The project will strengthen the recycling unit of Malian social enterprise ECOBUILD and implement an integrated reforestation and environmental awareness programme in the city. The aim is to reduce the impact of plastic waste while creating stable and decent employment opportunities for the local population. At least 1,950 people – 40% of them women – are expected to be directly involved. In addition, over 100,000 people will benefit through awareness campaigns and waste collection efforts. One of the main target groups for this project is the displaced population living in Bamako, with a particular focus on providing stable employment and income for women and young people. A partnership for sustainability 'This agreement reflects our commitment to sustainability and to creating opportunities for the most vulnerable populations. We are not only addressing an environmental problem but also providing economic opportunities for those who need them most,' says Jean Christophe Gerard, Regional Coordinator for the Sahel at Ayuda en Acción. The organisation has been working in Mali since 2021. "At Indorama Ventures, we believe that waste is not just a problem—it's a powerful opportunity. By raising awareness and investing in circular solutions like Plastic2Prosperity, we can transform environmental challenges into engines of socio-economic growth. This project in Mali shows what's possible when we work together to regenerate communities and our planet,' says Yash Lohia Executive Director and Chairman of ESG Council at Indorama Ventures. 'Bamagreen embodies everything we aim to achieve with adaPETation ®: transforming an environmental challenge into an opportunity to empower people, regenerate communities and build a fairer future,' says Carlota Calonje, Social Impact Manager at IMG Group. 'This project is only the beginning. We aim to continue building partnerships to scale this impact in other places where plastic is both part of the problem – and the solution.' With Bamagreen, the first step is taken towards a more inclusive and regenerative circular economy, creating opportunities for decent employment and paving the way for a cleaner, fairer future for all.
Nikkei Asia
30-04-2025
- Business
- Nikkei Asia
Thai chemical giant Indorama weighs US project restart amid Trump tariffs
BANGKOK -- Thailand's Indorama Ventures, the world's top producer of the stuff PET bottles are made of, is looking to resume the construction of a halted U.S. factory worth more than $2 billion as it seeks to benefit from President Donald Trump's new tariff policy, its chief executive said. The company currently produces polyethylene terephthalate -- which besides holding convenience store beverages is used in consumer goods like clothing -- and additional plastic materials in Thailand, China, the U.S., Germany and 27 other countries. The U.S. and the rest of the Americas are key markets, accounting for $7.7 billion of the company's $15.54 billion in total revenue for 2024, according to Indorama.
