Bemis Company, Inc. (NYSE:BMS) announced today that it will close its plant in Stow, Ohio, one of its Pressure Sensitive Materials manufacturing facilities. The Company expects this plant closure to improve its market competitiveness and to better position its Pressure Sensitive Materials business for long-term growth. Management expects to discontinue operations at this location in May 2014.
The headquarters of the Pressure Sensitive Materials business will remain in Stow, Ohio. The manufacturing facility recorded 2013 annual net sales of approximately $45 million. The facility, started in 1959, primarily manufactures solvent-based pressure sensitive materials.
The Stow plant workforce includes approximately 115 employees. The Company recognizes that these changes will have a significant impact on employees and their families and intends to offer transition services to affected employees to aid in their search for new employment.
In 2014, the Company will record a pre-tax charge related to the plant closure of approximately $30 million which includes estimated costs related to the settlement of a multi-employer pension liability, employee severance and benefit costs, and fixed asset related costs
