PolyOne slashes jobs
Polymer distributor and services company PolyOne has announced it will eliminate approximately 400 salaried positio...
January 16, 2003 by Canadian Plastics
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>