- Declared bankrupt on Nov 21, 2012, after 1.5 months of deferred payment.
- Faced strict controls due to dioxin and heavy metal emissions.
- 450 jobs lost; annual turnover was €400 million.
- No buyer emerged for a relaunch as of Jan 2013.
Bankruptcy Declaration
On November 21, 2012, Thermphos was declared bankrupt after experiencing one and a half months of deferred payment. The company had been under strict government controls due to environmental and safety concerns.
Environmental and Safety Issues
In 2010, Thermphos faced the threat of closure by the Inspectorate due to emissions of dioxin and heavy metals, such as cadmium, and a lack of safety measures. The company made significant investments to minimize waste emissions but continued to struggle with compliance.
Market Competition
Thermphos also faced intense competition from Kazakhstan, which was dumping phosphorus on the European market. This added financial pressure contributed to the company's eventual bankruptcy.
Job Losses and Financial Impact
The bankruptcy of Thermphos, the only phosphorus factory in Europe, resulted in the loss of 450 jobs. The company had an annual turnover of approximately €400 million.
No Relaunch
In January 2013, it was announced that there was no chance of a relaunch for Thermphos, as no buyer showed interest in acquiring the company, according to the curators.
