A. Schulman Inc. says it will cut about 60 jobs, primarily middle management, that will save it millions of dollars annually as part of a business segment reorganization.
The Fairlawn polymer company announced the changes Monday in a filing with the federal government.
According to the filing with the Securities and Exchange Commission, the segments and anticipated job totals are:
• Europe, Middle East and Africa: 42 positions.
• United States and Canada: 15 positions.
• Asia Pacific: two positions.
• Latin America: one position.
The company said its engineered composites segment is not part of this reorganization. A. Schulman makes resins and compounds used in numerous industries.
The job eliminations are expected to save A. Schulman between $5 million and $6 million annually. The company has about $2.5 billion in annual revenue.
Shares were up 70 cents, or 2.1 percent, to $33.55 at market’s close Monday. Shares are up 9.1 percent since Jan. 1 and are up 3.6 percent from a year ago.
A. Schulman said it will record pretax restructuring charges of $9 million to $11 million over the next several quarters to pay for employee termination benefits and related costs.
The upcoming job cuts are part of an ongoing reorganization of A. Schulman after the company earlier this year announced it expects lower-than-anticipated earnings.
The company in August replaced its chief executive officer with board Chairman Joe Gingo, its previous CEO, and reshuffled other senior management positions.
A. Schulman lost $385.1 million, or $13.12 per share, for its fourth quarter and lost $364.4 million, or $12.44 a share, for its full fiscal year. Adjusted earnings showed a profit.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com. Follow him @JimMackinnonABJ on Twitter or www.facebook.com/JimMackinnonABJ