‘Everything’ being done to find Wellman buyer

Efforts are intensifying at every level to try and secure a buyer for Wellman International in Mullagh.

While The Anglo-Celt understands that no firm offers have yet been received, “significant interest” has been shown both at home and abroad. At least half a dozen site visits by prospective investors have taken place since the local manufacturing and recycling business entered examinership in early June.

The appointment of interim examiner Kieran Wallace of Interpath Advisory followed two years of heavy financial losses. The company reported double-digit million-euro deficits across 2023 and 2024, blaming soaring energy costs - largely driven by geopolitical instability - and fierce competition from low-cost imports originating from China, Africa, and the Middle East.

Under the terms of the examinership, Wellman has 100 days from the date of the High Court filing to secure a new investor or face potential liquidation. That period expires in early September. In the meantime, the company says its focus remains on keeping operations running and protecting as many of the 200-plus jobs as possible.

“Together with the examiner, we are doing everything we can to deliver a successful examinership that preserves as much employment as possible. The process remains ongoing and as such it is not appropriate to comment further on specifics at this stage,” a Wellman spokesperson told The Anglo-Celt this week.

Of the interest shown, the most recent came just last week from a company based in Southeast Asia involved in global recycling, with meetings understood to have taken place locally at the nearby Kilian’s Lodge Hotel.

There has also been contact from an Irish-based competitor with significant hedge-fund backing. This firm operates in the PET/polyester recycling sector, supplying into the fibre, sheet, and strapping industries.

Although Wellman’s parent company, Indorama Ventures, headquartered in Thailand, has formally withdrawn its financial support, stakeholders close to the situation remain optimistic that the Mullagh-based operation can continue as a going concern under new ownership.

Trade unions SIPTU, Unite, and Connect remain closely involved, engaging directly with workers and the examiner. They have stressed the strategic importance of Wellman to Ireland’s recycling infrastructure and highlighted the potentially devastating impact job losses could have on the local economy.

Government involvement has ramped up, led locally by Ministers Niamh Smyth, Thomas Byrne, and Helen McEntee, who in the early stages participated in virtual meetings to explore potential supports.

Enterprise Ireland and IDA Ireland are also reportedly working in the background to assist with efforts to attract investment and Minister Smyth, who serves as Minister of State for Trade Promotion, Artificial Intelligence, and Digital Transformation, says she’s being kept up to date on any developments.

“I do know from my department, from IDA and Enterprise Ireland, that there has been significant interest, which is a really good starting point,” she said, confirming ongoing contact with union representatives and also with the Department of Social Protection, which provided guidance on any potential employment-related issues.

“For the moment, things do look positive, and I’d certainly be confident we can have a successful outcome from the examinership - that we protect as many jobs as possible, and perhaps see the business develop and grow into the future through whoever that new buyer might be.”

Uncertainty

Minister Smyth also acknowledged the challenges faced by employees during the uncertain period, noting: “It’s really difficult, with that uncertainty hanging over them. But I think they’re of the view, and are aware, that there has been keen interest in the business that exists there.”

At its peak, the Mullagh plant processed approximately 4.5 billion plastic bottles per year, generating around 85,000 tonnes of recycled polyester fibre. In recent years, output has declined significantly despite a major investment in a next generation recycling unit during the pandemic.

Local councillor Shane P. O’Reilly (Independent Ireland) says he’s been engaged at all levels of discussion and is cautiously optimistic about a positive outcome.

“We’re very hopeful it can be saved, that there’s genuine interest out there in the plant. First and foremost, the employees’ terms, conditions and current rights must be upheld by any investor,” he told the Celt.

Wellman International began operations in Mullagh in March 1973. It has remained a major local employer for over 50 years and, since its acquisition by Indorama Ventures in 2011, has grown into the largest producer of recycled polyester fibres in Europe.

Meanwhile in relation to Indorama Services Ireland- newly incorporated on June 24, 2025, and which lists Wellman director Anthony Troy as a key executive - a Wellman spokesperson confirmed it “is not and will not” be involved in the examinership process.

“It was incorporated for the purpose of transferring a certain small number of roles, which are wholly or mainly engaged in activities of the Indorama Ventures Group regionally and/or globally,” the spokesperson added.