Ascend Performance Materials Announces Shift in Operations
Ascend Performance Materials' Strategic Facility Shift
Ascend Performance Materials, a renowned producer of high-performance and durable engineered materials, has officially decided to gradually wind down operations at its hexamethylene diamine production facility in Lianyungang. This significant transition comes after a thorough assessment of the facility's long-term viability against the backdrop of evolving market dynamics and regulatory changes.
Operational Commitment Remains Strong
Despite the closure of the Lianyungang facility, Ascend ensures that all other production sites will continue to operate normally, maintaining supply chains, shipments, and product delivery in their usual course. This strategic decision emphasizes the company’s dedication to maintaining stability for its customers while addressing necessary operational adjustments.
Leadership Insights on the Decision
Phil McDivitt, President and CEO of Ascend Performance Materials, expressed the challenges inherent in this decision: "Determining the future of our LYG production facility was not taken lightly. Our recent financial restructuring, supported by our lenders, is aimed at reducing debt and positioning Ascend for future growth. After careful evaluation of market conditions, it became clear that winding down operations here would better serve our regional customers. This was not an easy choice, especially considering the hard work and dedication our team members have shown at this facility. We truly value their contributions and are committed to aiding them during this transition process."
Focus on Safety and Environmental Responsibility
Ascend Performance Materials is unwavering in its commitment to safety and environmental stewardship throughout this wind-down process. The company will collaborate closely with local authorities to ensure all decommissioning activities fully comply with applicable environmental and safety standards. A complete wind down is projected to extend over the coming months, reflecting Ascend's careful approach to such a significant change.
Continued Operations in China
Even as the Lianyungang facility closes, Ascend's other Chinese operations are expected to operate as usual. The company will maintain its Suzhou compounding facility's functionality during this transition, ensuring minimal disruption to its operations.
A Focus on Quality and Innovation
As Ascend navigates these changes, its dedication to creating and providing high-quality performance materials for customers worldwide remains unchanged. The company anticipates emerging from the Chapter 11 process later this year, with a reinvigorated focus on innovation and quality in all aspects of its offerings.
About Ascend Performance Materials
Ascend Performance Materials is committed to crafting high-performance materials for essential everyday products as well as cutting-edge technologies. The company aims to enhance quality of life through innovation, headquartered in Houston with regional offices in key global locations. Ascend is a fully integrated solutions provider, operating global manufacturing facilities across North America, Europe, and Asia. Its skilled workforce contributes to the creation of materials that support safer transportation, cleaner energy solutions, advanced medical devices, and more durable consumer goods, while ever prioritizing safety and sustainability.
Frequently Asked Questions
What is the reason for winding down the Lianyungang facility?
The decision is based on a comprehensive evaluation of the facility's long-term viability amid changing market conditions and regulatory environments.
Will other Ascend facilities continue to operate?
Yes, all other facilities, including the Suzhou compounding plant, will continue normal operations throughout this transition.
How is Ascend supporting impacted employees?
Ascend is committed to supporting the employees affected by the closure and ensuring a smooth transition process for both the team and partners.
What are Ascend's future plans after the Chapter 11 process?
Ascend aims to emerge from Chapter 11 with a renewed focus on improving operational efficiency and continuing innovation in product development.
Where can I find more information about Ascend Performance Materials?
Further information can be obtained through official communications from Ascend Performance Materials, detailing their ongoing operations and restructuring efforts.
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