10:31 AM EDT, 03/15/2024 (MT Newswires) -- Trinseo ( TSE ) said Friday that it started a consultation process with the Works Council of Trinseo over the potential closure of its virgin polycarbonate production site in Stade, Germany by year end.

Following the consultation, the company said it will seek board approval to close the plant as it expects oversupply to continue beyond 2024.

Once the plant is closed, Trinseo ( TSE ) said it will cease virgin polycarbonate production and instead source the material externally for its downstream businesses. The company estimates the move to increase its annual profit by at least $15 million compared with 2023.

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