CRYSTAL POLYMERS SITE TO CEASE OPERATING

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CRYSTAL POLYMERS SITE TO CEASE OPERATING
19 July 2000 - M&G Group

The management of Mossi & Ghisolfi (M&G) has today announced the closure of its Crystal Polymers operation at Glanford in Lincolnshire. The plant will cease trading from 1st October, 2000.

Solid stating capacity will be absorbed into the newly formed M&G PET Group’s facilities in Italy. Customers in the UK will continue to receive product from the manufacturing sites in Italy and will receive sales and technical services from the company’s European Sales and Marketing organisation centered also in Italy.

A period of individual and collective consultation is being undertaken with the workforce but despite exploring all means of accommodating the 23 employees into the wider business, regrettably, redundancy is likely to be the only viable option.

Paul Newman, General Manager of the Mossi & Ghisolfi (M&G) plant in Glanford, said:

'This has obviously been a difficult decision to have to make and we have explored all options. However, unfortunately the site is no longer economically viable in its current size and configuration – therefore closure was the only route open to us.'

The site will remain an entity within the M&G PET Group, albeit in name only, while a review of its long-term future and possible expansion plans is being undertaken.

http://www.mgpolymers.com

About: M&G Group
M&G is a family owned chemical engineering company headquartered in Tortona, Italy. It develops innovative and cost effective PET resins for container packaging and is presently the world’s second largest producer of PET for packaging applications with production capacity of 1.3 million tonnes per annum. Group sales proceeds in 2003 were $1.6 billion of which around 80% were derived from operations involving PET.

M&G Group is divided into three business units, PET Polymer, PET Packaging and Acetates. In Europe, M&G has capacity to produce around 2.5 billion preforms per annum at two locations in Italy. It operates the largest SSP unit in North America and has the current world’s largest PET production unit (1200t/d) at its Altamira facility in Mexico. The Group has manufacturing assets in Brazil, Italy, Mexico and USA. The Group supports three R&D Facilities; Italy, USA and Brazil.

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