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Invista sheds 50 jobs at Wilmington plant

25
Feb '10
Invista, a US based global, integrated producer of polymers and fibers has decided to cut 50 jobs at its Wilmington plant, New Hanover. Invista said that it was a tough decision, but was crucial to the success of the company.

Invista is one of the largest producers in the world of these two raw materials and operates in more than 20 countries across North America, South America, Europe, and the Asia-Pacific region.

Earlier, in 2007, the county commissioners had approved a US $3 million incentive package, subject to the company investing $200 million in the plant and create more jobs, but the deal never saw light.

In 2008, Invista announced that it would not be able to invest, due to tough market conditions. The incentive was supposed to be paid out over a period of six years.

Fibre2fashion News Desk - India


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