PolyOne a global polymer services company announced today that it would be reducing its workforce by about 5% in a effort to reduce costs.
The reductions will come primarily from North America and will consist of 400 salaried staff in administrative roles. They expect that this move will reduce selling and administrative costs. The staff reductions are expected to be completed within the first quarter of 2003.
Most staff reductions are being made possible through process simplifications and the elimination of low value activities. Other areas that will be affected by cost saving measures are the centralisation of certain functional areas and the elimination of externally sourced professional services.
These cost cutting measures compliment initiatives involving cost cutting in manufacturing that were started nearly two years ago.
PolyOne deal with materials such as polyethylene, vinyl and polyurethane.