Closure of staple fiber operations at DAK Americas' Cooper River Site

| Business function | DAK Americas | Charlotte, North Carolina | United States

DAK Americas LLC (DAK) announced its plan to close the Polyester Staple Fiber(PSF) manufacturing operations at its Cooper River Site, near Charleston, SC. The site will continue to produce PET Resins to serve the bottle and packaging markets on its newer capacity installed in 2003.

The 150 Ktons per year PSF operations, which serve the Nonwovens and Textile markets, and were built more than 40 years ago, will close on December 31, 2021. The shutdown will impact approximately 200 full-service employee and 40 contract workers. Employees will be provided timely notice and a comprehensive separation package as part of the closure.

Jorge Young, DAK's Co-President stated: “This is a very difficult decision for us. The closure of the fibers operations comes after an extensive analysis of our ability to be cost competitive in an extremely challenging market that has faced prolonged and continuing pressure from low priced imports. Current economics do not support the extensive investment needed to revitalize the site and meet future market needs.” He further added,” We thank our employees for their many years of commitment and service.”

DAK Americas remains dedicated to serving the diverse needs of the polyester value chain, supplying trade leading products and services through its production facilities across the globe.