A. Schulman to make cuts to its middle management staff
Schulman will eliminate approximately 60 positions, mainly from its middle management ranks.
On the heels of recent financial losses, material supplier A. Schulman Inc. will eliminate approximately 60 positions, mainly from its middle management ranks.
According to a Nov. 14 filing with the U.S. Securities and Exchange Commission, the Fairlawn, Ohio-based company anticipates that a total annual pre-tax savings of approximately US$5 million to US$6 million will be realized from reorganization.
The company has not released any information about the timeline of the downsizing.
In the first week of November, Schulman reported net sales of US$604 million for its fourth quarter of 2016, down from US$674 in the same prior year quarter – a decline of 8.3%. The company’s net sales for the U.S. and Canada were US$158 million, down 18.6%; and in Europe, Middle East and Africa net sales were US$299 million, down 6.7%.
In total, Schulman expects to post a loss of more than US$350 million for its 2016 fiscal year, due to what the company described as problems relating to its purchase of Citadel Plastics in 2015.