Unipetrol closes urea plant,plant generated negative business

Unipetrol closes urea plant, the plant generated negative business

7:58 AM, 11th June 2012
Unipetrol closes urea plant, the plant generated negative business
Artur Pazdzior, General Executive, Unipetrol.

LITVINOV, UK: Unipetrol RPA is terminating its production of urea. The reasons are economic, as the production of urea generated negative business results in recent years. The Agro division will continue to produce ammonia, liquid ammonia and carbon black chezacarb. Urea unit shutdown is expected to have a positive impact on the Group’s earnings before interest and taxes (EBIT) by 2013 with a further positive EBIT impact in the years to follow.

By the end of 2012 the production of urea will be shutted down. Current expectation is about 50 employees reductions. Unipetrol Group will deal with this issue with utmost care and thoroughness. Unipetrol Group will try to offer selected employees of the urea plant a new job position in other business units. “The impact of urea production on the profitability of the whole Unipetrol Group has been negative in the last couple of years. Based on internal evaluation and evaluation of an independent external advisor, no reversion of this trend is expected,” said Artur Pazdzior, General Executive, Unipetrol.

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