Hundreds of jobs have been lost after the collapse of a chemical firm as administrators push for the sale of an "idle" plant.
A total of 273 members of staff at Venator Materials UK have been made redundant - weeks after parent company, Venator Materials plc, fell into administration due to "financial pressures".
The company, which specialises in titanium dioxide pigments and performance additives and with over 2,000 staff globally and 519 in the UK, has sites in Wynyard, Birtley and Greatham - which has since ceased production.
But, whilst bosses say they are hoping to one day recover under new ownership, Hartlepool MP Jonathan Brash has labelled the move as a "bitter blow".
In a statement posted online, Hartlepool MP Jonathan Brash said: "The decision to place Venator into administration as a result of the failure of their international holding company is a bitter blow.
"I met with the company earlier this week and they confirmed that they are continuing to work toward a sale that would reopen the Greatham plant.
"I have requested a meeting with administrators and potential buyers and have made clear that my first priority is the workforce and securing their long term future."
This comes nearly two months after it was reported that Alvarez & Marsal were brought in as administrators - who now say the sale of the Greatham plant, in Hartlepool, is progressing.
Mark Firmin, Joint Administrator and Managing Director at Alvarez & Marsal said: "Venator Group has been severely impacted by increased competition and rising costs in recent months.
"Over the coming period, we will be working closely with the retained staff to safely maintain the site in an idle state while we progress the sale of the Greatham plant."
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Karen Askwith, Managing Director at Venator, added: "Despite extensive efforts to stabilise the UK business, the Venator Materials UK Ltd Board of Directors has taken decisive action to protect stakeholder interests and made the difficult decision to appoint administrators.
"This provides an opportunity to restructure whilst we continue to pursue the completion of the sale process for the Greatham plant and associated TiO2 pigment assets.”
"We recognise the impact this decision has and it is not one we have taken lightly. However, given the prolonged downturn in the TiO₂ industry and the financial pressures we face, administration is the most responsible path forward.
"It allows us to preserve value and create the conditions necessary for a potential future recovery under new ownership."
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