Late this afternoon, the strategically important maker of plastics ethylene and polyethylene – Qenos – called in voluntary administrators.
The collapse follows the sale of the company from its Chinese owner ChemChina to Australian property developer Logos.
The administrator Jason Preston of McGrathNicol said it intends to close Qenos’ Botany plant in Sydney but is seeking options to keep open or sell its other plant in Altona, Melbourne.
Plastics maker Qenos enters administration
The collapse is due in part to a lack of reliable supply of gas and a lack of competitiveness for Australian industry.
One Planet Consulting Director Helen Millicer sat down with Sky News Business Editor Ross Greenwood to discuss Qenos calling in administrators.
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