PolyOne to Close Six Plants
Avon Lake, OH-based PolyOne Corporation will close six of the plants it recently acquired in the purchase of Spartech Corp., the company has announced. The closings will eliminate about 250 jobs and produce $25 million in annual savings for PolyOne, according to a news release.
Production will be relocated to other facilities, which is expected to reduce redundant capacity and improve customer service, quality and on-time delivery. PolyOne expects to recognize estimated charges of $35 million related to this realignment over the next 12-18 months. This includes approximately $20 million in cash charges, primarily associated with severance and asset relocation costs, and approximately $15 million in non-cash charges, primarily associated with accelerated depreciation of exited facilities and equipment.
For more information, visit www.polyone.com.