Bemis Announces Closure of its Plant in Stow, Ohio
March 03 2014 - 9:15AM
Business Wire
Bemis Company, Inc. (NYSE:BMS) announced today that it will
close its plant in Stow, Ohio, one of its Pressure Sensitive
Materials manufacturing facilities. The Company expects this plant
closure to improve its market competitiveness and to better
position its Pressure Sensitive Materials business for long-term
growth. Management expects to discontinue operations at this
location in May 2014. The headquarters of the Pressure Sensitive
Materials business will remain in Stow, Ohio. The manufacturing
facility recorded 2013 annual net sales of approximately $45
million. The facility, started in 1959, primarily manufactures
solvent-based pressure sensitive materials.
The Stow plant workforce includes approximately 115 employees.
The Company recognizes that these changes will have a significant
impact on employees and their families and intends to offer
transition services to affected employees to aid in their search
for new employment.
In 2014, the Company will record a pre-tax charge related to the
plant closure of approximately $30 million which includes estimated
costs related to the settlement of a multi-employer pension
liability, employee severance and benefit costs, and fixed asset
related costs.
FORWARD LOOKING STATEMENTS
Statements in this release that are not historical, including
statements relating to the expected future performance of the
Company, are considered “forward-looking” and are presented
pursuant to the safe harbor provisions of the Securities Litigation
Reform Act of 1995. Such content is subject to certain risks and
uncertainties, including but not limited to changes in estimates
related to plant closures. Actual future results and trends may
differ materially from historical results or those projected in any
such forward-looking statements depending on a variety of factors
which are detailed in the Company's regular SEC filings including
the most recently filed Form 10-K for the year ended
December 31, 2013.
ABOUT BEMIS COMPANY, INC.
Bemis Company, Inc. is a major supplier of packaging and
pressure sensitive materials used by leading food, consumer
products, healthcare, and other companies worldwide. Founded in
1858, Bemis is included in the S&P 500 index of stocks and
reported 2013 net sales of $5.0 billion. Bemis has a strong
technical base in polymer chemistry, film extrusion, coating and
laminating, printing, and converting. Headquartered in Neenah,
Wisconsin, Bemis employs approximately 19,000 individuals
worldwide. More information about Bemis is available at our
website, www.bemis.com.
Bemis Company, Inc.Erin M. Winters,
920-527-5288Director of Investor
RelationsorMelanie E. R. Miller,
920-527-5045Vice President and Treasurer
Bemis (NYSE:BMS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bemis (NYSE:BMS)
Historical Stock Chart
From Apr 2023 to Apr 2024