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Specialty Chemicals
Indorama will scale back in Europe
by Alexander H. Tullo
August 19, 2023
| A version of this story appeared in
Volume 101, Issue 27
Faced with an economic slowdown in Europe and a sluggish recovery in China, the polyester maker Indorama aims to cut costs in its European fiber business by eliminating 10% of jobs and reducing fixed costs by $25 million annually. Part of the plan is to shift production to lower-cost plants in Asia. The company is further evaluating other businesses to determine if it would make more sense to buy some products instead of making them, particularly in Europe. Indorama posted a 98% decline in second-quarter profits year over year.
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