Saudi-Arabian chemical firm Sabic has announced the closure of two of its Teesside plants with the loss of almost 200 jobs.
The company said that its Seal Sands and Wilton facilities were no longer viable due to soaring costs.
“We recognise the impact of our actions on the European market for our products,” said a spokesman. “We will be working with our customers and suppliers over the coming weeks and in order to allow these discussions to start, we make this announcement at this early stage.”
The restructuring is expected to be completed by the end of the year, with the North Tees Sabic site set to become the focus of operations.