There are fears over possible job cuts at Wellman International located in Mullagh after it filed a petition with the High Court to place its operation in examinership yesterday.
The company located in Rosehill in Mullagh employs 217 people and is the largest European producer of recycled polyester fibres.
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Each year, 2.2 billion post-consumer PET bottles are recycled to make the Wellman fibre portfolio of products at this local facility.
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The business 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 the Middle East.
In a statement issued to Northern Sound, a spokesperson said even though the business has seen huge losses the board believes that the operation does have a potential future and accordingly has elected to apply for examinership.
An interim examiner, Mr Kieran Wallace of Interpath Advisory, has now been appointed to engage with all stakeholders and, if his appointment is confirmed by the High Court, he will continue efforts to devise a workable survival scheme.
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