PolyOne shuttering eight plants
Engineering resin supplier PolyOne Corp. will close eight production plants in the next nine months, eliminating 15...
Engineering resin supplier PolyOne Corp. will close eight production plants in the next nine months, eliminating 150 jobs.
The closures come as the result of downturns in compounding end markets, the company said.
Seven of the eight plants are in North America, with the remaining plant in the United Kingdom. PolyOne has not yet released a list of the plant locations.
“After conducting a thorough review of our entire operation, our business teams identified opportunities to further align our capacity and production assets to improve the effectiveness of our global manufacturing footprint,” said Thomas Kedrowski, PolyOne’s senior vice president, operations and supply chain.
PolyOne’s chairman, president and CEO Stephen Newlin added that “recent unprecedented increases in raw material and energy costswere critical factors in our decision-making. Declining demand in markets such as housing and automotive has created a timely opportunity to remove excess capacity.”
PolyOne will take a one-time charge of approximately US$31 million in relation to the closings.
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