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

April 20, 2024

Borealis makes multi-million investment in Finnish cracker furnaces

Energy & Chemical Value Chain

The investment enables the steam cracker to increase the share of renewable and recycled raw materials used in its (ethylene and propylene) production. The move supports the Borealis Strategy 2030 for a circular economy. The Porvoo investment program is expected to be completed in 2025.

Read more
April 20, 2024

BP cuts down leadership team to ten members

Energy & Chemical Value Chain

Murray Auchincloss, bp’s CEO, said in a statement: “As I set out in February, BP’s destination from IOC [international oil company] to IEC [integrated energy company] is unchanged – and we need to deliver as a simpler, more focused, and higher-value company.

Read more
April 20, 2024

Versalis buys Italian compounder Tecnofilm

Energy & Chemical Value Chain

Founded in 1972, Tecnofilm has expanded its product portfolio over the years to offer a wider range of compounds and functional polymers for various industrial applications and technical articles. The company has patented several of its products.

Read more
More news

How can we help you?

We're easy to reach