Millennium Inorganic Chemicals Announces Project to Close its Le Havre, France plant
Tuesday November 13, 10:00 am ET
HUNT VALLEY, Md. & LE HAVRE, France--(BUSINESS WIRE)--Millennium Inorganic Chemicals (“MIC”) today announced a project to close its plant in Le Havre. MIC Le Havre SAS manufactures titanium dioxide, a white pigment used to provide whiteness, brightness, opacity and durability to paint and coatings, plastics, paper and elastomers.
MIC has started an information and consultation process with its personnel representatives regarding a project to close the site. The site currently employs 287 permanent staff.
MIC purchased the site in 1997 and despite accumulated investment of €91 million is recording substantial financial losses at the site, cumulatively €157 million. At the end of 2003, the business was declared an impaired asset by the external auditors. Despite the considerable efforts of management and employees, results have continued to deteriorate. In 2006 the losses totaled €35m and in 2007 a similar result is expected. These losses are the result of a combination of factors, including a long-term decline in sales prices, persistent increases in production costs and the over capacity of titanium dioxide in the world market. It is anticipated that losses would continue into the future. Under these circumstances the company has decided to begin the prescribed information and consultation process with employee representatives.
MIC is committed to assist employees during this difficult period. All employees will be offered support by local management and a comprehensive range of services from expert consultants.
National Titanium Dioxide Company Ltd. ("Cristal") acquired Millennium Inorganic Chemicals (MIC) and is now the second largest producer of titanium dioxide and a leading producer of titanium chemicals. Cristal and MIC operate nine manufacturing plants in six countries and employ more than 3,700 people worldwide.
Millennium Inorganic Chemicals (“MIC”) is a wholly-owned subsidiary of Cristal.
Source: Millennium Inorganic Chemicals
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