Ongoing problems with profitability result in closure announcement for Nynas NV Continental Europe
NYNAS have announced that they intend to close their Nynas NV Continental Europe bitumen business in early 2015 following problems with profitability in the continental bitumen market over a period of many years.
According to the company, improvement initiatives undertaken in recent years have not managed to generate a sustainable and profitable business case.
Around 40–45 employees in the company’s Bitumen Continental business could be affected by the closure and a consultation process with the unions and employee representative body has been initiated.
If the decision is taken to proceed to a closure, Nynas say they will, as far as possible, aim to mitigate the negative consequences for the affected employees.
Nynas’ bitumen business operated out of the company’s other refineries and depots in the UK, as well as in Northern and Eastern Europe, is not affected by this announcement.