Materials maker PolyOne Corp. is closing two of its four Brazilian plants in order to streamline operations and improve its financial performance in the region.
Avon Lake, Ohio-based PolyOne will close plants in Diadema and Joinville, while continuing to operate plants in Novo Hamburgo and Itupeva, officials said in a July 15 news release.
The firm will see cash costs of about $5 million related to the closings and $12 million in non-cash charges. In the release, President and CEO Robert Patterson said that the asset realignment will accelerate PolyOne’s specialty strategy in Brazil. Officials added that PolyOne will continue to invest in the Novo Hamburgo and Itupeva sites.
PolyOne ranks as North America’s largest compounder and concentrate maker and as one of the region’s largest resin distributors. The firm posted sales of $3.8 billion in 2013.