Yule Catto & Co PLC
10 November 2000
Closure of Holliday Dyes & Chemicals Ltd
Yule Catto & Co plc announces today that it will close the Holliday Dyes &
Chemicals Ltd (HDC) manufacturing operation in Huddersfield, UK at the end of
February 2001 with the loss of 162 jobs.
HDC manufactures dyes and chemical intermediates for a wide range of end uses
including plastics, printing and textiles. The company exports approximately
seventy per cent of its turnover to a large number of different countries,
including the USA, the Far East and Europe.
The company has faced severe price competition in many of its markets for some
time, exacerbated by the strength of sterling. Despite considerable
investment in rationalisation and the hard work and support of all employees,
HDC has continued to make significant losses.
The cost of closing these operations will be contained within the
restructuring charge of £25 million already announced for 2000 and will be
largely cash neutral.
For further information, please contact:
Mr Alex Walker, Chief Executive ) 01279 442791
Mr Sean Cummins, Finance Director )