A. Schulman to cease Ohio-based Invision sheet production line

30-Jun-09
A. Schulman, a leading supplier of high performance plastic compounds and resins, has announced to cease the operation of its Invision sheet production line at its Sharon Center, Ohio manufacturing facility, by the end of the Q4 - 2009. A total of four positions will be eliminated at the plant related to Invision sheet production. The Company's Invision sheet is a proprietary TPO-based sheet which is characterised by a high gloss Class "A" finish without the use of traditional paint and is applicable for a variety of markets. The Company expects to record non-cash charges of approximately US$6.0 mln to US$8.0 mln associated with the production equipment for the Invision sheet business and less than US$0.1 mln in cash charges for termination benefits and other employee costs in the Q4 - 2009. Annual savings are expected to be approximately US$2.0 mln to US$3.0 mln beginning in fiscal 2010. A. Schulman had been seeking a strategic partner or acquirer for its Invision sheet business and identified a select group of interested parties, but could not reach an agreement that was satisfactory to the Company. The Company 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.
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