Australias biggest plastics and chemical manufacturer has been plunged into voluntary administration putting 700 jobs at risk across two states and creating fears for the countrys recycling abilities.
The company called Qenos has been hit with multimillion-dollar losses and increased energy costs over the past couple of years and operates factories in Sydney and Melbourne.
On Wednesday, it was announced that it had gone bust with McGrathNicol appointed as voluntary administrators.
Staff were informed of the companys collapse in meetings on Wednesday, with the firm operating a factory in Altona, in Melbournes west, which employs 450 staff, as well as a factory in Botany, Sydney with 250 workers.
The Sydney factory is set to be closed as part …
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