A.Schulman to cut jobs in EMEA

Tue May 28, 2013 9:30am EDT

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May 28 (Reuters) - Chemical maker 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.

A. Schulman has about 3,300 employees, according to Thomson Reuters data.

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.

Shares of Akron, Ohio-based A. Schulman closed at $28.80 on Friday on the Nasdaq.

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