Jobs at risk as Wellman files for Examinership
Wellman International, a subsidiary of global chemical giant Indorama Ventures
A cloud of uncertainty hangs over 200 employees at Wellman International in Mullagh after the local company filed for examinership in the High Court.
The move marks a significant step in a bid to save the long-standing manufacturing operation, which has been grappling with steep financial losses over the past two years.
Wellman International, a subsidiary of global chemical giant Indorama Ventures, has seen its business suffer from a combination of external pressures, including soaring energy prices—largely driven by ongoing geopolitical conflicts—and aggressive competition from cheaper imports originating in China, Africa, and the Middle East.
The financial toll has reportedly led to losses in the “double-digit millions” throughout 2023 and 2024.
Despite the bleak numbers, the company's board remains hopeful the future of its Irish operations.
In a decisive effort to protect the business and jobs, Wellman has turned to Ireland’s examinership process. Kieran Wallace of Interpath Advisory has been appointed interim examiner. Should his appointment be confirmed he will lead efforts to sell the business as a going concern and develop a sustainable restructuring plan by engaging with creditors, employees, and other stakeholders.
“This decision is no reflection on the hard work and commitment of our employees in Mullagh,” said Anthony Troy, director of Wellman International. “We are aware of the uncertainty and concern this will cause for our people as we attempt to secure the survival of the company.”
Mr Troy emphasised that management had already spent more than two years implementing cost-cutting measures in an attempt to stabilise the business. However, these efforts have fallen short of overcoming the external economic pressures. “Examinership gives us the best prospect of continuing in business and retaining as much employment as possible,” he added, while accepting that some job losses may be unavoidable.
“We acknowledge that there is the potential for a reduction in our headcount as part of this process,” said Mr Troy.
Founded over 50 years ago, the Mullagh facility specialises in the production of recycled polyester fibres derived from post-consumer plastic waste. These fibres are vital inputs in a broad range of industrial sectors, including automotive, hygiene, home insulation, and leisure products.
The plant has been a cornerstone of the local economy in Cavan and a significant employer in the east Cavan region.