Parkside Performance Films, in Darton, UK, has been placed into administration. The Parkside International subsidiary's on-going operations are now being managed by administrators Price Waterhouse Coopers.
In a statement, Parkside International says it has concentrated on seeking to turn-around the Performance Films business since its acquisition from BP in May, 2002. "This has placed significant demands on resources, and has been a distraction from the focus of the group. Despite multi million pound investment in equipment, performance has not improved at the plant, in the face of a failure to agree the necessary changes to working practices, excessive site costs and escalating raw materials prices."
The group will now focus on its businesses of Parkside Flexibles, Normanton, and Parkside Flexibles, Zlotow, Poland.
Chief executive Geoffrey Stewart comments: "Whilst I am disappointed by this decision, I am certain that it is in the best interests of the group going forward. By focusing our resources on our Parkside Flexibles businesses, we now find ourselves better positioned to profitably service our customer base than at any time previously."
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