Over the next several months, PolyOne plans to close six manufacturing plants it received in the acquisition of Spartech and relocate production to other PolyOne facilities.
"With the acquisition of Spartech, we identified redundant capacity, that can be better utilized - improving our operational efficiency and cost structure," a PolyOne spokesperson told PlasticsToday.
These actions are expected to result in the loss of about 250 jobs. The PolyOne spokesperson said that production in these facilities spans sheet, packaging, color and engineered materials, depending on the location.
In the news release, PolyOne stated that the actions are expected to be completed by the end of 2014 and will save about $25 million before taxes. Cash costs are expected to approximate $45 million over the next 12-18 months, primarily related to severance, asset relocation and additional capital investment....