The Indorama PET factory in Workington is closing with the loss of 73 jobs.
Vice President of Corporate Communications Richard Jones told ITV Border that the facility would be mothballed.
No time scale has been agreed.
The company says an influx of cheaper materials from Asia is to blame for the decision.
More top news
A look ahead at the weekend forecast for the Border region - and things are getting colder!
The anti-racism body's concerned about Hartlepool supporters' plans for a Bob Marley fancy dress theme, against Carlisle United on Saturday.
Police say no prosecution will take place into the death of Joshua Titcombe or any other babies at the maternity unit at Furness General.