Sector News

A. Schulman Consolidates North American Production Facilities

November 17, 2014
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

October 2, 2022

Trinseo announces potential closure of Boehlen, Germany Styrene Plant

Chemical Value Chain

Trinseo (NYSE: TSE), a specialty material solutions provider, announced it has initiated an information and consultation process with the Works Council of Trinseo Deutschland GmbH regarding the potential closure of its styrene monomer production site in Boehlen, Germany.

October 2, 2022

Celeste Mastin appointed H.B. Fuller President and CEO, succeeding Jim Owens upon his retirement

Chemical Value Chain

H.B. Fuller Company announced that Celeste Mastin, Executive Vice President and Chief Operating Officer, will succeed Jim Owens as H.B. Fuller’s President and Chief Executive Officer, effective December 4, 2022. Upon assuming the role, Mastin will also join the Company’s Board of Directors, replacing Owens, who will be retiring.

October 2, 2022

LyondellBasell realigns executive team, forms circular and low-carbon solutions business

Chemical Value Chain

New LyondellBasell CEO Peter Vanacker, who joined the company from Neste in May, today named his senior executive team and outlined organizational changes, including creation of a circular and low-carbon solutions business. All changes will be effective 1 October.