Invista, a producer of polymers and fibers, is terminating 50 employees and contractors at its production plant in Wilmington N.C. The cuts, which will take place over the next 30 days, are being made as Invista discontinues production of an acid it says is not cost-effective when compared to purchasing it on the open market.
In a written statement, Wilmington site manager Bill King said “while it’s a tough decision, remaining competitive is key to our success. That’s why we made the difficult decision to discontinue manufacturing certain polyester intermediates that can be purchased more economically in the market.”
Invista is a subsidiary of Koch Industries Inc. and operates in more than 20 countries across North and South America, Europe and the Asia-Pacific region.
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February 23rd, 2010 at 11:23 pm
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