Artenius jobs return as plant is rescued
“The only way to make money is running at full capacity. That will clearly be difficult in the first few months, but the market has not shrunk significantly,” he said.
Around 120 of the original staff will be personally invited to join the new company, which is to be known as Lotte Chemicals UK (LCUK).
Stan Higgins, chief executive of the North East Process Industry Cluster said it was “good news for Teesside”.
He added: “I just hope that some of the other facilities might have some good news going forward.
“We are still looking across the world to see if there is a solution for the others,” referring to the Dow, Croda and Invista plants that have been or will soon be abandoned.
Mr Higgins said that Asia and South America were most active in the foreign investment market and it was likely that this was where most future investment would come from. “These industries have to reach a certain size to be able to compete. They have to grow their markets just like we had to.”
Simon Marsh, spokesperson for the Chemical Industries Association, said: “We think this is good news for the North-east and good news for the UK. We welcome the investment. KP has a strong record of acquisition internationally - it’s a big concern.”
Much of the anger that was directed at La Seda in the summer of last year is still raw on Teesside. The majority of workers left with only statutory redundancy pay after, in some cases, decades of service to the plant which was previously owned by ICI and Dupont. Whether or not they accept the offer to take up work again at Wilton, their claims against their former employer will still stand.