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Oyak to Move Chemical Firm Chemson Out of UK

Steel News - Published on Tue, 20 Aug 2019

Image Source: The Guardian
The Guardian reported that The Turkish firm poised to buy British Steel recently announced plans to move a chemicals factory it owns from Tyneside to Europe, after sounding the alarm about Brexit uncertainty. Chemson, a Wallsend-based firm that makes additives used in the production of PVC plastic, said last week it would cease production at the site by the end of September. The decision will involve moving the site’s activity to Austria and Turkey, with the expected loss of 64 jobs.

It said “The decision was taken after a Europe-wide review of production capacity, which demonstrated that the group could service its markets more cost-effectively from its plants in Austria and Turkey.”

Chemson is owned by Oyak, the Turkish military pension fund that was last week chosen by the government as the preferred buyer for British Steel, which employs more than 4,000 people in the UK and owns the Scunthorpe steelworks.

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Posted By : Amom Remju on Tue, 20 Aug 2019
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