Overview
- Alvarez & Marsal has been appointed as joint administrators of Venator Materials plc, naming Mark Firmin, Helen Skeates and Richard Beard.
- Venator Materials UK Limited continues to trade as normal while administrators run sale processes across the group, alongside the group's US and French businesses.
- The company employs 519 people in the UK and 2,249 globally, with most of the UK roles based at Wynyard, Greatham and Birtley in the North East.
- Unite, which represents about 200 regional employees, says workers are very concerned and will begin formal consultations with the company next week.
- Executives and administrators cite years of losses despite a 2023 US Chapter 11 that cut debt from over $1bn to about $200m, pointing to increased competition and rising costs.