A Schulman cut jobs in Europe,Middle East Africa

A Schulman to cut jobs in Europe, the Middle East and Africa

5:27 AM, 29th May 2013
A Schulman to cut jobs in Europe, the Middle East and Africa

AKRON, US: A Schulman Inc said it would cut an unspecified number of jobs in its Europe, the Middle East and Africa operating region, citing poor economic conditions. The company expects the restructuring to generate about $4 million in savings. The company has been cutting costs in Europe since 2010 after weak demand there hurt its performance. A Schulman also said it plans to sell a business in Brisbane, Australia.

The company, which reported revenue of $2.11 billion in 2012, plans to engage a financial adviser to assist in selling its rotational compounding business in Brisbane as it struggles to sustain profitability in the smaller Australian market. A Schulman expects to complete a sale within six to 12 months for the business, which recorded revenue of about $25 million in 2012.

© Reuters News

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