PolyOne Corporation (NSYE: POL) a premier global provider of specialized polymer materials, services and solutions, today announced a realignment of its manufacturing assets in Brazil. As part of the realignment, PolyOne will close manufacturing plants located in Diadema and Joinville, Brazil. The company will continue to operate and invest in its facilities in Novo Hamburgo and Itupeva, Brazil, while offering specialty solutions throughout the region.
"This asset realignment will accelerate our specialty strategy in Brazil, streamline our operations, and improve our financial performance in the region," said Robert M. Patterson, president and chief executive officer, PolyOne Corporation. "Further, these actions will increase our focus on specialty solutions for customers, consistent with current and future market trends in this important and strategic market."
The company expects to incur cash costs of approximately $5 million associated with these actions and non-cash charges of $12 million primarily associated with accelerated depreciation and asset impairments. PolyOne will provide additional detail and discussion on the strategic realignment during its Q2 2014 earnings call on July 22, 2014
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