A PROPOSAL which could save jobs at a troubled chemical plant on Teesside will be submitted to the board members of its debt-ridden owner for their approval tomorrow.
The future of the Artenius plant at Wilton has looked increasingly bleak since its Spanish parent company La Seda de Barcelona posted a £564m loss and revealed plans to restructure the business.
An emergency meeting was held in Spain earlier this week in which the fate of the company’s Teesside plant was discussed, and as a result, a blueprint for the firm’s restructuring was drawn up.
According to Redcar MP Vera Baird, the proposal was weighted heavily in favour of saving jobs on Teesside, although it will now face the scrutiny of board members on the Continent.
It is unclear whether the newly-formed business plan will also have to meet the approval of the company’s shareholders.
Mrs Baird said: “I understand that they are restructuring the business and we have been able to make sure there is a strong Teesside push into the restructuring process, but they will have to submit that to their board on Friday.”
Teesside’s chemical industry is still reeling from the news earlier this month that two plants will close with the loss of 180 jobs.
Dow and Croda have both opted to close their operations on Teesside, in a move which is expected to have a severe knock-on effect on their North East supply chain.