Sector News

A. Schulman Realigns Its European Back Office And Support Functions

October 23, 2014
Chemical Value Chain
A. Schulman, Inc. announced today [Wednesday] actions to optimize the Company’s back office and support functions in Europe, Middle East and Africa (“EMEA”) to better align its operations with current market conditions in the region.
 
During the first half of fiscal 2015, A. Schulman plans to reduce headcount in EMEA by approximately 40 employees, with the majority of reductions expected to be in the areas of back office and support functions.
The Company anticipates the total annual pre-tax benefit to be approximately $4 million, and it expects to record related charges of approximately $10 million, primarily in the first half of fiscal 2015. There were no charges recorded during the fiscal year ended August 31, 2014, related to this plan. 
 
“As part of A. Schulman’s Safety, Smart Sales and Smart Savings program, we continually evaluate and refine how to best serve our customer base, and we believe that a more efficient and aligned organization will foster harmonization and improve productivity,” said Heinrich Lingnau, Vice President and General Manager, EMEA.  “While these reductions are never easy, this latest step will support profitable growth in the region and for the Company overall.”
 
Bernard Rzepka, Executive Vice President and Chief Operating Officer of A. Schulman, said, “While we are disappointed with the current economic conditions in Europe, we have an experienced team in place and have always taken proactive steps when required as we did in fiscal 2012 and 2013.  During that time period, we generated approximately $8 million in savings from restructuring and optimization efforts in Europe.”
 
The Company expects to announce its 2014 fourth-quarter and full-year results on Wednesday, October 22, 2014, after the market closes, and will hold its fiscal 2014 fourth-quarter earnings conference call on Thursday, October 23, at 10 a.m. Eastern time.
 
Source: A. Schulman, Inc.

comments closed

Related News

May 21, 2022

Sika opens new manufacturing plant in Bolivia 

Chemical Value Chain

Sika AG (Baar, Switzerland) has opened a new plant in Santa Cruz de la Sierra, thus doubling its production capacity for mortar and concrete admixtures in Bolivia. With this new facility in one of the country’s main industrial agglomerations, Sika is positioning itself for continued growth in the dynamic Bolivian construction market.

May 21, 2022

Chevron increases renewable fuel market share with REG acquisition

Chemical Value Chain

Chevron Corporation (NYSE: CVX) and Renewable Energy Group, Inc. (NASDAQ: REGI) (REG) announced on Monday a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share.

May 21, 2022

Lotte Chemical to invest $8 bn on hydrogen energy, battery materials by 2030

Chemical Value Chain

Lotte Chemical Corp. will invest 10 trillion won ($8 billion) on hydrogen and battery materials through 2030 to achieve annual revenue of 50 trillion won and carbon neutrality. The Korean chemical producer on Thursday unveiled its new corporate vision outlining key corporate strategies with focus on growth through hydrogen energy and battery materials businesses.