Examiners meeting Wellman staff

UG World emerged as the frontrunner in acquiring the Wellman business last month,

The court-appointed examiner for Mullagh-based manufacturer Wellman International is this morning meeting with employee representatives and trade unions.

Kieran Wallace of Interpath Advisory, appointed b y the courts earlier this summer, is engaging with staff ahead of a potential formal announcement on a multi-million-euro rescue deal nears completion with UG World, a London-based green-tech investment firm.

Wellman, which employs over 200 people at its Rosehill plant, filed for examinership in early June after suffering significant double-digit million euro losses in 2023 and 2024. Owners of the business since 2011, Thai-based Indorama Ventures, blamed soaring energy costs driven by geopolitical instability and intense competition from cheaper international imports, particularly from China, Africa, and the Middle East.

UG World emerged as the frontrunner in acquiring the Wellman business last month,

If approved, their investment is expected to secure the long-term future of the plant and open doors to broader European markets for processing PET plastic into high-tech fibre products.

Following this morning's meetings with staff representatives and the six unions at the site, a full staff meeting is scheduled for mid-afternoon. Details of the rescue package, including any planned restructuring or redundancies, will likely be revealed afterward.

Several domestic and international investors have visited the site over the past 14 weeks, with the examinership process scheduled to conclude on September 11.