CLEVELAND (AP) — PolyOne Corp., which makes resins used in plastic pipe and other products, said Tuesday that it will shutter six facilities and relocate their production, resulting in the elimination of about 250 jobs.
The moves, which stem from PolyOne's March acquisition of Spartech Corp., are expected to be completed by the end of 2014 and generate annualized pretax savings of about $25 million in 2015, the company said.
Cash costs mainly related to severance, asset relocation and additional capital investments are expected to total $45 million over the next 12 to 18 months, the company said.
Stephen Newlin, PolyOne's chairman, president and CEO, said that by combining resources, the company will better serve its customers with more competitive costs and better product quality.
Once the restructuring is complete, the company expects the Spartech acquisition to save it at least $65 million in costs and boost earnings by at least 50 cents per share.
PolyOne shares fell 4 cents to $27.79 in morning trading.
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