HAVERHILL — It’s official. Haverhill Chemicals is shutting down.

A release from Thomas Wells, vice president of Goradia Capital, made the announcement the operations would be suspended immediately.

“Since acquiring the plant three years ago from Sunoco, the company has incurred tens of millions of dollars in unbudgeted and unanticipated expenses required to improve the condition and reliability of that plant,” the release states.

“That unexpected investment of time and capital made operations unsustainable. During the shut-down phase, the company will be seeking a solution that may allow the plant to resume operations.”

The Haverhill operations had 175 employees — 75 of those were members of the Tri-State Building and Trades union.