'No stone is being left unturned' - Smyth
The clock is ticking to find a solution to save a business and the livelihoods of those working at Wellman International, who filed for examinership on June 6.
This week’s meeting with staff from Wellman’s International and officials in Government Buildings has been described as positive by Minister of State at the Department of Enterprise Niamh Smyth.
Yesterday’s meeting was the second for staff reps however is part of a larger series of meetings with various stakeholders within the Department over the past number of weeks.
Commenting on yesterday’s meeting in Dublin, Minister Smyth said the meeting was attended by the Assistant Secretary of her Department John Hughes and Mr Kieran Harrington from the Inward Investment Unit.
"It was our second such meeting in recent weeks and I have to say it was very positive and what I would call a productive meeting. It demonstrated once again to me the keen interest there is in company going forward.
"The Department officials yesterday saw first-hand through the staff’s powerful presentation the potential in this business and listened attentively to staff on the future of Wellman International.”
Since the news broke on the June 6, Deputy Smyth said she has been "heavily engaged" with officials within her Department, the IDA and Enterprise Ireland.
Continuing Minister Smyth confirmed that "interested parties" have reached out to her.
"The momentum is there to save this company," she said.
An Indorama Ventures company since 2011, Wellman filed a petition with the High Court earlier this month to place its Cavan plant into examinership after experiencing losses in the double-digit millions across 2023 and 2024. The owners blame increased energy prices following geopolitical conflicts and fierce competition from low-priced imports from China, Africa and Middle East.
The factory at Rosehill processes PET (Plastic) products, turning them into highly specialised fibre products.
An interim examiner, Kieran Wallace of Interpath Advisory, has been appointed to engage with stakeholders. His role is to devise a workable survival scheme, nevertheless council representatives, like workers' unions - SIPTU, Unite and Connect - have called on the government to intervene to find an alternative owner.
Minister Smyth said some perspective parties interested in acquiring Wellman may need to access Enterprise Ireland supports to assist them with any potential takeover.
"This is something I am liaising with Enterprise Ireland on."
"No stone is being left unturned," she assured, adding that she has also been in contact with local agencies such as Cavan County Council, Cavan Monaghan ETB and the Local Enterprise Office and The Department of Social Protection "if needed.”
“Finally, I’d like to say that staff have been incredible through this worrying time for them by selling this company and all that is positive about Wellman International’s future," she stated.