ExxonMobil plans to close its Fife manufacturing plant, putting hundreds of jobs in danger.
The Fife Ethylene Plant, which makes basic materials used to produce plastics could see 179 full-time employees and 250 contract workers to lose their jobs
The firm is scheduled to shut down in February next year.
In a statement, the firm said, "We considered various options to continue production and tested the market for a potential buyer, but the UK's current economic and policy environment combined with market conditions, high supply costs and plant efficiency do not create a competitive future for the site," as per Sky News.
It added, "FEP has been a cornerstone of chemical production in the UK for 40 years, and its closure reflects the challenges of operating in a policy environment that is accelerating the exit of vital industries, domestic manufacturing, and the high-value jobs they provide."
The company stated that its main focus is to help and support its employees during this difficult time.
It further make sure that operations remain safe until production ends.
Meanwhile, the UK government is ready to assists those impacted by the job losses through the Department for Work and Pension's rapid response service.
