Trinseo (NYSE: TSE), a specialty material solutions provider, today announced it has initiated an information and consultation process with the Works Council of Trinseo Deutschland GmbH regarding the potential closure of its styrene monomer production site in Boehlen, Germany. The facility, which has a nameplate annual capacity of 300 kilotons, generated negative profitability of approximately $30 million over the last four quarters ending Q2 2022.
Frank Bozich, President and Chief Executive Officer of Trinseo, commented, “Given the current economic outlook of higher inflation, lower customer demand and elevated energy costs, we are evaluating asset optimization across our portfolio.”
Bozich continued, “The cost position of the Boehlen facility is challenged due to the current energy cost environment in Europe as well as the facility’s smaller scale, and it’s difficult to envision significant earnings improvement at the site in the near to medium term. Therefore, we have decided to evaluate the potential closure of this plant. In addition to improved profitability for Trinseo, we believe a closure will aid in achieving our 2030 sustainability goals, as Boehlen is one of our most carbon intensive plants.”
By Trinseo, Press Release
Source: investor.trinseo.com
OMV AG and the European Climate, Infrastructure and Environment Executive Agency (CINEA) have signed a grant agreement for OMV’s planned industrial ReOil plant, securing up to €81.6 million funding. This marks the first time that OMV receives a grant from the EU Innovation Fund.
Vopak has previously committed investment of up to €1 billion in the sector to achieve its growth ambitions by the end of this decade, but it announced in a capital markets event for investors on March 13 that it will double its planned spending in industrial and gas terminals.
As many know, we are building our first plastic film recycling facility in Connersville, Indiana. We expect our first line to be operational in the coming weeks. Want to know why I think mechanical recycling is the best technology for polyethylene film? Here are five reasons mechanical recycling is a great choice.
