Buyers sought for plastics firm

http://news.bbc.co.uk/go/rss/-/1/hi/wales/south_east/7172536.stm

Version 0 of 1.

Officials say they hope to find a buyer for a south Wales plastics factory before the end of the month.

It was confirmed on Friday that Everwhite Plastics, which employs 140 people at its Aberdare site, had been placed in administration.

Plaid Cymru assembly member, Leanne Wood, described it as a worrying development for the area.

Administrators, Menzies Corporate Restructuring, said staff would be briefed on Monday.

"While it's disappointing to see that Everwhite Plastics has been put into administration, I hope it will be possible to save the factory from closure," said Ms Wood, South Wales Central AM.

She described the factory as an important local business, and said the assembly government's economic and transport department were already working with the firm to help find a buyer.

"I hope that this swift action can in some way offer a ray of hope to the workers," she added.

Administrators said the company, which makes UPVC building products, hit cash-flow problems when sales dipped in the United States.

However, Phil Duffy, from Manchester-based Menzies Corporate Restructuring, told BBC Wales that Everwhite remained a "strong business".

Interest

He added there had been a lot of interest from people looking to buy the business from the United States, Ireland and the UK and he was "confident" it could be sold as a going concern.

"We are having an all-employee meeting on Monday so I will be giving the strategy to them. It is fair I speak to them before anyone else," he said.

The firm was founded by former roofer Ken Davies, who broke both legs in an accident and decided to set up buying and selling materials before expanding to making plastic fascia boards

By the end of 1999 it was Aberdare's second largest employer and named as one of the UK's fastest growing businesses by the Sunday Times.