(Sharon Center, Ohio) /PRNewswire-FirstCall/ -- A. Schulman, Inc. (NASDAQ: SHLM) says it will cease operations of its Invision sheet production line here by the end of the fourth quarter of fiscal year 2009.
The company had been seeking a partner or buyer for its Invision sheet business, but couldn't reach an agreement. A. Schulman will continue to offer Invision resins, technologies and services to sheet and thermoforming customers through its North American Engineered Plastics business, but will no longer manufacture Invision sheet.
A core group will be maintained to support sheet color matching, new product development, process development, and licensing for the ongoing portion of the business.
Annual savings are expected to be about $2 million to $3 million beginning in fiscal 2010. A total of four positions will be eliminated at the plant related to Invision sheet production.
"In seeking a strategic partner, we evaluated the market and determined there is significant continued interest from our customers for Invision resin and its wide range of sheet and thermoforming applications which serve a variety of markets," said Joseph M. Gingo, chairman, president and chief executive. "However, much of Invision's potential falls outside of A. Schulman's manufacturing expertise in custom compounding, which is why we were seeking a partner with sheet manufacturing and service capabilities in those markets to help develop the business. Without such a partner, we cannot justify continuing sheet production, which has been a drain on our profitability.”
Based in Akron, Ohio, A. Schulman is an international supplier of high-performance plastic compounds and resins. These materials are used in a variety of consumer, industrial, automotive and packaging applications. The company employs about 2,000 people and has 16 manufacturing facilities in North America, Europe and Asia. Revenues for the fiscal year ended August 31, 2008, were $1.98 billion.
For more information about A. Schulman visit http://www.aschulman.com/
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