PolyOne slashes jobs

Polymer distributor and services company PolyOne has announced it will eliminate approximately 400 salaried positions as part of a corporate restructuring initiative to reduce costs and strengthen competitiveness. The eliminated positions will be primarily in administrative areas, according to a company press release. The company predicts that the staff downsizing will lower selling and administrative costs between $30 million and $35 million annually. PolyOne also announced it will implement a $5 million to $10 million reduction of non-personnel costs.<br>
“The actions we are taking help us to achieve a position of low-cost competitiveness within our industry,” said Thomas A. Waltermire, PolyOne chairman and CEO. “We have taken great care to ensure that our customers get the fast, reliable service they require.”<br>
The company’s goal is to reduce its selling and administrative costs to less than 10% of sales from the current 12%. For 2002, the company’s sales are estimated to be $2.6 billion.<br>