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Acordis in Administration

20 May 2005

UK industrial fibre manufacturer, Acordis, has called in the administrators, with Deloitte confirming that it will run the business while restructuring and sales options are considered.

Nearly 500 jobs are under threat in two plants of the UK’s fibre manufacturing company, Acordis, after the administrators were appointed earlier this week. Deloitte has been appointed to work with the existing management of the Company to ensure that the businesses continue to operate with the minimum of disruption whilst both restructuring and sales options for the Company are fully considered, according to statement from Deloitte, UK.

Acordis manufactures acrylic fibres and sells them into three principal markets – Commodity Fibres, Speciality Fibres and Carbon Fibre Precursor. The Company operates from a 240 acre freehold site in Grimsby and leasehold site in Bradford. The Company employs 475 employees.

Neville Kahn, who is leading the Administration team from Deloitte, commented: “We have the full co-operation of management and are in the process of having discussions with all stake-holders (including customers, suppliers and employees) with our primary objective being the survival of the Company as a going concern”.