Ascend Performance Materials, a leading producer of high-performance and durable engineered materials for everyday essentials and new technologies, announced today its decision to initiate a wind down of operations at its hexamethylene diamine production facility in Lianyungang,China. This decision follows a comprehensive evaluation of the facility's long-term viability amid evolving market dynamics and regulatory landscapes.
"Ascend has made significant strides improving the business as we continue to focus on driving operational effectiveness," saidPhil McDivitt, President and CEO of Ascend Performance Materials. "In April, with the support of our lenders, we initiated a financial restructuring process to reduce our debt and position Ascend for the future. As we evaluated the market conditions and ongoing trade disputes, we determined that the LYG production facility is no longer the best way to support our customers in the region. Accordingly, we have made the decision to wind down the facility."
He continued, "Decisions that impact our people are never easy. The people in our LYG plant showed excellence and dedication in everything they did, and we thank them for their contributions to Ascend, and this decision is not a reflection of the hard work and dedication of the team in LYG. We are committed to supporting our impacted team members, and we are committed to making this a smooth transition process for our customers and partners."
