The High Court has approved a scheme by an examiner that paves the way for the takeover of Wellman International's manufacturing and recycling business in Mullagh, Co Cavan.
The company, which previously employed 215 people, filed a petition with the High Court in June to place its operation in Mullagh into examinership.
Last month, Wellman International said it had received "strong interest" from an investor that is interested in potentially purchasing the business.
However, the company also said that it would have to address its "unsustainable" financial position if an investor was to purchase its operation in Mullagh.
Wellman International said that it expected approximately 54 roles to be affected by this process.
This evening, it has been confirmed that parent company, Indorama Ventures has found a new owner for its Irish operations.
Indorama Ventures has also said that the necessary reduction of positions that was part of the survival scheme was achieved voluntarily and no involuntary departures were necessary.
Company suffered losses in the double-digit millions
Wellman International manufactures recycled polyester fibres from used plastic materials that have a wide variety of industrial uses, including in the automotive, home, leisure and hygiene sectors.
However, the company previously said the business had suffered losses in the double-digit millions in 2023 and 2024, resulting from increased energy prices following "geopolitical conflicts and fierce competition from low-priced imports from China, Africa and Middle East".
As a result, its parent company, Indorama Ventures, withdrew its support.
In a statement this evening, a spokesperson for Indorama Ventures said the transfer of the Cavan-based business to the new owner can now be completed.
The statement reads: "Management together with the examiner will now implement all remaining steps to finalise the process, so that new shares can be issued to UG World Ltd as the new investor.
"Indorama Ventures is very grateful for everyone's efforts in this examinership process, which have helped to manage a difficult situation successfully and achieve the best possible outcome for employees, customers, business partners, and the local community."
Wellman International began operations in Mullagh in March 1973.
The site, which was acquired by Indorama Ventures in 2011, is the largest European producer of recycled polyester fibres.
Indorama Ventures is listed in Thailand and is a petrochemicals producer, with a global manufacturing footprint across Europe, Africa, Americas, and Asia Pacific.
The Cavan-based arm of the company carries out manufacturing in Ireland but principally does its business in the rest of Europe.
