Global supply and demand, raw material costs, cost of capital, and logistics all have their impacts. The time for long-term employees has since past as changing financial and operating dynamics by shedding operations and personnel are the norm.
Spartech facility will close, eliminate 70 jobs (October, 2017)
The plastic thermoforming company Spartech, founded originally as Creative Forming at 100 Creative Way, will be shutting down. “Spartech LLC., has notified that Department [of Workforce Development] that due to a change in business circumstances they will be permanently closing their facility located at 100 Creative Way, Ripon, WI,” stated a press release sent out at 4:47 p.m. “A total of 70 employees are expected to be affected in phases beginning Dec. 4, 2017 through March 30, 2018.” <Source>
Arsenal Capital Partners Acquires the Designed Structures and Solutions Segment of PolyOne Corporation (July, 2017)
Arsenal Capital Partners, a leading New York-based private equity firm that invests in middle-market specialty industrial and healthcare companies, announced today the acquisition of PolyOne Corporation’s Designed Structures and Solutions segment which will be renamed to Spartech LLC. Headquartered in Maryland Heights, MO, Spartech provides packaging, visual and structural sheet and rollstock materials and specialty products for the food, medical, building and construction, aerospace, automotive and other markets. Spartech was acquired by PolyOne in 2013, and included the extrusion and packaging segment as well as a compounding and masterbatch segment (which was integrated into other PolyOne segments and remains a part of PolyOne). The newly formed Spartech has a network of 15 manufacturing facilities strategically located throughout the U.S. and includes established brands like Polycast, Royalite and SoundX. <Source>
PolyOne Corp. closing 6 plants and reducing staff by 250 (July, 2013)
The plant closings, expected to be completed by the end of 2014, are part of a company realignment affecting PolyOne's North American manufacturing segment, according to a news release. Production at these facilities will be shifted to other plants. The company has more than 80 manufacturing and distribution facilities worldwide, including South America, Europe, Asia and Africa.
The plant closings are a result of PolyOne's acquisition of Spartech earlier this year. "These actions are entirely consistent with our previously announced plans to integrate PolyOne and Spartech, and to accelerate our specialty transformation," StephenNewlin, chairman, president and CEO, said in the release. "By combining our resources, we expect to better serve our customers with a more competitive cost structure, improved product quality and on-time delivery with increasingly innovative technologies."
The realignment is expected to generate annualized pre-tax savings of about $25 million in 2015, the release said. It is expected to cost the company about $45 million over the next 12 to 18 months, primarily for severance, asset relocation and additional capital investment. <Source>
Spartech will layoff 350 workers to regain profitability (August 18, 2003)
Sales for the third quarter of 2003 held steady for Spartech Corp., but earnings fell by more than 25% compared with last year, so the producer of sheet and specialty compounds has announced measures to increase its operating margins. As part of Spartech’s "Lean Process Initiative", the company’s workforce will be cut by about 10%, which equals 350 workers. Also, work schedules at several operations will be realigned and certain warehouse facilities will be consolidated or eliminated. <Source>