Stow, Ohio plant to be closed for the label manufacturer to better position itself in the market.
March 3, 2014
by Canadian Packaging Staff
NEENAH, Wis.—Bemis Company, Inc. announced 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, though it says that the headquarters of its pressure-sensitive materials business will remain in Stow.
Started in 1959 primarily as a manufacturer of solvent-based pressure sensitive materials, in 2013 the manufacturing facility recorded net sales of approximately $45 million.
The closure will affect the some 115 employees at the facility, with Bemis saying it 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.
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 www.bemis.com.