Europe’s only phosphorus firm Thermphos on verge of banruptcy
The survival of Europe’s only phosphorus producer, Vlissingen-based Themphos, is unlikely, according to the Financieele Dagblad on Wednesday, quoting economic affairs ministry documents.
The company is likely to be declared bankrupt later on Wednesday and at least 450 jobs in Zeeland will go, the paper says.
Government pledges to pull out all the stops to ensure the factory’s survival have failed to materialise, according to a local Zeeland paper quoted by the FD. In addition, no buyer has been found and the government will have to pick up a massive bill to clean up radioactive waste.
Thermphos has a worldwide workforce of some 1,100 and small production facilities in Germany, France, Britain, Argentina and China.
According to its 2010 financial report, turnover reached €400m. Thermphos asked for court protection from creditors on September 24.
The FD says the company has had to deal with strong competition from Kazakhstan and Brussels has not yet dealt with a complaint about price dumping.
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