H&R WASAG AG: Restructuring of activities in the UK


H&R WASAG will be introducing a new organization to the business in UK that was taken over from BP as of January 2004. In the UK, the group is selling chemical-pharmaceutical specialty products and is operating two conversion facilities (mixing and filling plants). Due to the shutdown of a BP specialty refinery, which will be supplying the English H&R WASAG locations with raw materials up to the end of 2005, the entire business activities in Great Britain will be restructured.

The production activities that are part of core business will be bundled at a single location. In addition, the supply of feedstock, raw materials and sales products will in future be provided by the Group's specialty refineries based in Germany as well as by external refineries. The remaining peripheral activities - including, among others wax blends - will be sold.

"In addition to the realization of extensive synergies resulting from the Hamburg refinery, the restructuring of the activities in Great Britain marks a further key step in the optimization of the chemical-pharmaceutical specialty business taken over from BP," as Dr. Horst Hollstein, CEO of H&R WASAG AG, explained the background of the reorganization undertaken in Great Britain. The implementation of the measures is slated for the second half of 2005.

In the year 2004 the group's English subsidiaries employed a workforce of around 115 employees and generated sales revenues of just under EUR 65 million.

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