Mullagh, Co Cavan, Ireland, June 4, 2025 -- Wellman International Limited, an Indorama Ventures company, has filed a petition with the High Court to place its operation in Mullagh, Co. Cavan, into examinership.
The business has seen losses in the double-digit millions across 2023 and 2024, resulting from increased energy prices following geopolitical conflicts and fierce competition from low-priced imports from China, Africa and Middle East.
Nevertheless, the board believes that the operation does have a potential future and accordingly has elected to apply for examinership. An interim examiner, Mr Kieran Wallace of Interpath Advisory, has now been appointed to engage with all stakeholders and, if his appointment is confirmed by the High Court, he will continue efforts to devise a workable survival scheme.
Questions around this news
What is examinership?
Examinership is a court-supervised process in Ireland intended to give a financially troubled company a chance to survive. An examiner assesses the business and may develop a scheme of arrangement with creditors and other stakeholders. The process is subject to court oversight, and the company’s future depends on whether a viable scheme can be devised and approved.
Why has the Mullagh operation applied for examinership?
The company says it has incurred losses in the double-digit millions across 2023 and 2024. It attributes the difficulties to higher energy costs following geopolitical conflicts and strong competition from low-priced imports from China, Africa and the Middle East. The board says it believes the operation has a potential future and is seeking a way to continue in business.
What could examinership mean for employees at the Mullagh factory?
The company says it hopes to keep the operation running and retain as much employment as possible. However, it has also acknowledged that jobs could be reduced during the process. The release does not specify how many roles might be affected; the interim examiner is to engage with stakeholders while efforts are made to develop a workable survival scheme.
What does the Mullagh factory make, and where are its products used?
The factory produces recycled polyester fibres using used plastic materials. According to the release, these fibres serve a range of industrial applications, including the automotive, home, leisure and hygiene sectors. The release does not provide production volumes or identify specific customers or products made using the fibres.
Anthony Troy, director, Wellman International, said: “This decision is no reflection on the hard work and commitment of our employees in Mullagh. We are aware of the uncertainty and concern this will cause for our people as we attempt to secure the survival of the company.
For more than two years, management has taken action to cope with the situation. Unfortunately, these measures have not proved sufficient to overcome the challenges we are facing. We want to do everything we can to enable the operation to continue in business and retain as much employment as possible. Examinership gives us the best prospect of doing that. It is important, however, that we acknowledge that there is the potential for a reduction in our headcount as part of this process.”
The Mullagh factory manufactures recycled polyester fibres from used plastic materials. These fibres have a wide variety of industrial uses including in the automotive, home, leisure and hygiene sectors.
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At a glance
- Company
- Wellman International Limited
- Announcement
- Regulatory
- Location
- Mullagh, Co. Cavan, Ireland
Key figures
- Losses across 2023 and 2024
- double-digit millions
People
- Kieran WallaceInterim examiner
- Anthony TroyDirector, Wellman International
