#China #Ascend Performance #Lianyungang #HMD Production

Ascend Performance Materials Wind Down

Ascend Performance Materials, a prominent manufacturer of high-performance engineered materials, has announced its decision to commence an orderly wind down of operations at its hexamethylene diamine (HMD) production facility located in Lianyungang, China. This announcement comes following a thorough assessment of the facility's long-term sustainability amid shifting market conditions and regulatory challenges.

Phil McDivitt, the President and CEO of Ascend, emphasized that the decision followed careful consideration of various factors that impact business viability. He stated, "We have worked hard to enhance operational efficiency, and with our lenders' support, we initiated a financial restructuring process in April to reduce debts and pave the way for Ascend's future. However, given the current market and ongoing trade disputes, we concluded that our Lianyungang facility could no longer provide optimal support to our customers."

This strategic move is part of Ascend's larger effort to realign its operations with its business goals and market demands. The company ensures that all other facilities will continue to function normally, and product deliveries will be executed without disruption during this transition period.

McDivitt acknowledged the contributions of the Lianyungang staff, stating, "The talented workforce at our LYG facility has consistently demonstrated dedication and excellence, and this decision does not reflect their hard work. We are committed to assisting all impacted employees as we move forward, ensuring they receive the support they need."

Throughout the wind down process, Ascend is dedicated to maintaining high standards of safety and environmental compliance. The company plans to collaborate closely with local authorities, ensuring that decommissioning activities adhere to all relevant safety and environmental regulations. This wind down will take place over the coming months, with Ascend aiming for a smooth transition.

In the wake of these changes, the company remains resolute in its mission to produce and deliver high-quality materials for customers around the globe. Customers can expect operations at Ascend's Suzhou compounding facility and other locations to continue without interruption.

Furthermore, Ascend is preparing to emerge from its Chapter 11 restructuring later this year, which it aims to finalize by the fall. The company remains committed to its principles of safety, sustainability, and customer success.

For those interested in further details concerning Ascend's ongoing Chapter 11 process or inquiries regarding the wind down of the Lianyungang facility, additional information is available at Ascend's dedicated websites.

Conclusion

The wind down of the Lianyungang facility marks a pivotal moment for Ascend Performance Materials as it navigates a complex landscape of market changes and operational realities. The company is poised to adapt and continue fulfilling its mission of providing durable and high-performance materials that elevate everyday life, all while ensuring that the welfare of its employees remains a top priority.