Sabic Axes Grangemouth as Losses Mount05 Jun 2009 • by Natalie Aster
According to a report in the Falkirk Herald, 95 jobs will be lost when Sabic closes its Grangemouth plant on 31 July.
Sabic, which recently revealed a shock quarterly loss, its first since 2001, blamed weak demand from the automotive sector and a recession that has seen polyethylene and polypropylene prices cut around the globe.
These continuing problems contributed to Grangemouth’s demise – the ABS plant had reportedly lost £33m million since Sabic’s acquisition of the facility from GE Plastics last year.
A Sabic spokesman quoted by the Falkirk Herald said: "The company and employees reached an equitable social plan and the company will continue to offer various outplacement programmes and support services such as counselling to assist staff in new job-selection and training.
"Options for future use of the site are currently under review."
Source: Plastics & Rubber Weekly