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Ineos writes down Grangemouth to increase pressure for cost cuts

9:00 AM MDT | October 6, 2013 | Natasha Alperowicz

Ineos has increased pressure for workforce cost reductions by writing down the value of its Grangemouth petrochemicals complex in Scotland to zero and warning that it will close the facility unless it can cut costs. It took the £396 million ($635.5 million) writedown in the latest accounts for Ineos Chemicals Grangemouth, filed at the end of September. Ineos said it had lost £150 million in the past four years at the site, which employs about 700 people. The company recently devised a ‘survival plan’ for the site.   “We had no...

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