Sector News

Categories

Borderless Insights

Image
Negotiating Terms with a New Employer
Image
Beyond Flowers and Platitudes: Reclaiming the Essence of International Women’s Day
Image
Visionary or ‘Stuck-in-the-Mud’? Where are you on Workplace Flexibility?

A. Schulman Consolidates North American Production Facilities

November 17, 2014
Energy & Chemical Value Chain
(RTTNews) – Resin maker A. Schulman, Inc. said it is consolidating its North American production facilities. The firm, according to its ongoing review of its manufacturing footprint, would shut down its plant in Stryker, Ohio, in April 2015 and shift the plant’s production to other facilities in North America.
 
The Stryker plant has been producing products mainly for U.S. and Mexican markets, employing around 70 people and was part of A. Schulman’s acquisition of the Ferro Specialty Plastics Business, which was completed in July 2014.
 
Further, the company reported making SG&A reductions in North America as part of its ongoing effort to drive further synergies from recent acquisitions and eliminate duplicate functions. As a consequence, the firm expects headcount reductions at various locations to total nearly 10 people.
 
The majority of the costs related to the manufacturing consolidation, approximately $2.5 million, are expected to be included in the company’s financial results for the fiscal 2015 first quarter. The annualized savings, approximately $3 million, would be realized in the second half of fiscal 2015. A part of these savings were part of the earlier stated $5.5 million in net synergies related to the acquisition of Ferro’s Specialty Plastics unit.
 
The majority of the SG&A efficiency costs, about $500,000, are believed to occur in the first quarter of fiscal 2015, whilst the annualized savings, approximately $1 million, would start to be realized in the company’s second quarter of fiscal 2015.

comments closed

Related News

May 4, 2024

Heikki Malinen appointed as the President and CEO of Neste Corporation

Energy & Chemical Value Chain

Neste Corporation’s Board of Directors has appointed Heikki Malinen, M.Sc. (Econ.), MBA (Harvard) as the President and CEO of Neste as of 2 November 2024, at the latest. Malinen joins Neste from Outokumpu Corporation where he has held the position of President and CEO since 2020.

Read more
May 4, 2024

Rossouw to step down as Sasol CFO in October

Energy & Chemical Value Chain

Petrochemicals company Sasol has announced that CFO and executive director Hanré Rossouw will step down from his position, effective October 31. Sasol has started the process to appoint a successor. Rossouw will still oversee the publication of Sasol’s reports for the financial year ending June 30, to allow for a structured handover period.

Read more
May 4, 2024

Chemours CFO Jonathan Lock resigns following code of ethics violations

Energy & Chemical Value Chain

Chemours announced its CFO Jonathan Lock has resigned from all positions within the company, according to an SEC 8-K filing on April 23. The resignation comes in the aftermath of the company announcing that Lock, former CEO Mark Newman, and principal accounting officer Camela Wisel, had been placed on administrative leave.

Read more
More news

How can we help you?

We're easy to reach