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U.S. Shulman closes its masterbatch and additive factories

 Last Update: 2022-08-15
 Source: Internet
 Author: User

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Global Coatings Network News:

The US Schulman Group is closing its Ohio masterbatch and additive plant, which it acquired when it acquired Ferro earlier this ye.

The 70-employee factory will be closed in April, and its production operations will be relocated to other Schulman plants in North Ameri.

Demand for materials in the North American market remains strong, but the company has added seven factories through acquisitions in the past three yea.

"This is a difficult decision, but it illustrates our long-term commitment to be reasonable and streamlined to better serve our global customers," said CEO Bernard Rzep.

Schulman will also cut 10 administrative positions in North Ameri.

The related plant closures and layoffs will generate $3 million in expenditures in the first quarter of fiscal 201 These measures are expected to save the company US$4 million annual.

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