138 jobs has been saved at Wellman International in Mullagh.
It follows the announcement of the restructuring of operations at Wellman international that will now see the expected cut of 54 jobs at the local facility.
The jobs losses will be voluntary and involuntary and Cllr Shane P O’Reilly has described the losses as a dark day for the people affected and their families.
Cllr O’Reilly says while the loss of 54 jobs is a huge blow for the wider North Meath and East Cavan area, he says there are positives but there is a process to be followed and it’s by far a done deal.
The company that currently employs 217 people, filed a petition with the High Court over 80 days ago to place its operation into examinership.
Meetings with union representatives and employees were held today to inform them of these developments in relation to the proposed plan going forward.
The recycling company has been an employer in the region, for more than over 50 years.
The company said the business has suffered losses in the double-digit millions in 2023 and 2024, resulting from increased energy prices.
The company located in Rosehill, Mullagh is the largest European producer of recycled polyester fibres.
In a statement issued by Wellman International this evening, they said together with the examiner they continue to do everything that we can to deliver a successful examinership that preserves as much employment as possible.
They confirmed that they have received strong interest from an investor that is interested in potentially purchasing the business.
However, in order to conclude a successful examinership a restructuring of the business is now necessary.
“Our financial position remains unsustainable, and this has to be addressed before any investor would finalise an agreement to purchase the operation. To give us the best opportunity to conclude a successful examinership, and avoid the alternative scenario where the company would be placed into liquidation and operations ceased, a restructuring of the business is necessary.”
The statement went on to say that we are deeply aware of the impact that this restructuring will have on impacted employees, and regret the uncertainty that this will cause for them and their families.
“We expect approximately 54 roles to be affected by the process and we will liaise directly with those impacted and their representatives. It remains the case that any scheme of arrangement prepared by the examiner will need to be approved by the High Court and a sufficient quantity of the company’s creditors before a successful examinership can be concluded.”
Cllr Shane P O’Reilly says, “I suppose we have to realise that there was always going to be some job losses. But I didn't expect there to be over 50.”
Cllr O’Reilly said there is a lot of concern locally and she shares that concern in relation to Wellman International. “I'm here on the ground, born and reared in this village. And I would have to say that, you know, today, although there is the positive that the plant will remain open, there will be 138 jobs and I am heartened to hear that it is envisaged that there will be extra jobs created over the next few years.
“At the end of the day, when you have 50 homes even having to contemplate what's going to go on, and that's not trying to put a damper on it because any day that anyone goes out to shout from the rooftops to say that today is a positive day where there's 50 jobs been lost in all fairness, they would want to have a good look at themselves.”
