Thai conglomerate has sold its Irish recycled polyester operation to a UK firm that uses blockchain to reduce carbon emissions
BANGKOK – After months of uncertainty, Indorama Ventures, has completed its sale of Wellman International, a major European producer of recycled polyester fibres, to UK-based environmental business UG World Ltd.
The move comes after Wellman amassed double-digit million-euro losses in both 2023 and 2024 that were attributed to soaring energy prices, driven by global geopolitical conflicts, and fierce competition from low-cost imports regions.
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