Wellman Seeks Examinership For Mullagh Plant
Wellman International Ltd, a subsidiary of Indorama Ventures, has filed a petition with the High Court seeking examinership for its Mullagh-based operations following substantial financial losses over the past two years.
The company reported multi-million-euro losses in 2023 and 2024, citing a sharp rise in energy costs—driven by geopolitical instability—and intensifying competition from low-cost imports originating from China, Africa and the Middle East.
Despite the challenges, the board remains optimistic about the operation’s long-term viability and has opted to pursue examinership as a means to restructure and protect the business. Kieran Wallace of Interpath Advisory has been appointed interim examiner and will work with stakeholders to formulate a potential survival plan, subject to confirmation by the High Court.
“This decision is no reflection on the dedication of our employees in Mullagh,” said Anthony Troy, Director of Wellman International. “We understand the uncertainty this creates, and we are committed to doing all we can to safeguard the business and preserve as many jobs as possible.”
He acknowledged that while management had taken various measures over the past two years to address the challenges, they were ultimately insufficient. As part of the examinership process, the company has indicated that workforce reductions may be unavoidable.
The Mullagh facility specializes in producing recycled polyester fibres from post-consumer plastic materials, which are used in a broad range of applications across the automotive, home, leisure and hygiene industries.
