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La Seda De Barcelona to close down five petrochemical plants

29
Jul '09
The Spanish petrochemical company, La Seda De barcleon has announced a restructuring programme under which it will close five plants and raise funds to concentrate on production of Polyethylene Terephthalate (PET).

La Seda will lay off over 300 workers and sell off Simpe plant in Italy, Portalegre in Portugal, Volos in Greece, TurkPet in Turkey and IQA in Tarragona, Spain and raise between €250m-€320m to meet the restructuring programme.

The 300 job lay-offs will happen at its plant in the 500,000 tons per annum Purified Terphthalic Acid (PTA) manufacturing unit located in the UK, which otherwise has been shut down since the last four months.


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