Grupo Seda’s Artenius UK subsidiary has gone into administration and will stop producing terephthalic acid (PTA) at its 580,000 tpa Wilton site and lay off approximately 50% of the workforce. The PTA plant provides feedstock for the 150,000 tpa PET (polyethylene terephthalate) facility at the site. La Seda, which made annual losses of £564 mln, is quitting the North East and selling five other sites in Europe.
Several bidders have expressed an interest in Artenius’ polyethylene terephthalate plant, which has gone into administration last month. Administrator Deloitte mothballed it to seek a buyer, and is currently in talks with two-three potential buyers.