* To move operations to other facilities
* To cut 290 jobs at Pennsylvania plant
* To add 120 jobs at new locations
* Sees pretax charge of $13.0 million in 2012, $2.2 million
June 6 Acco Brands said it would shut
its plant in East Texas, Pennsylvania, and shift operations to
other existing facilities as the office products maker
integrates the acquisition of MeadWestvaco Corp's
consumer and office products business with its own.
Acco said the closure of the facility, which manufactures
and distributes planners and organizers, will result in a loss
of 290 jobs.
However, about 120 positions will be added at the new
locations, including Sidney, New York, with about 40 others
outsourced to a third-party provider, Acco Brands said.
The company said it expects to take a pretax charge of about
$13.0 million in 2012 and $2.2 million in 2013.
The move will result in annualized savings of about $9.0
million in 2014, with about $4.5 million realized in 2013, Acco
In addition, the company said it expects to incur capital
expenditures of about $2.2 million in 2012 in connection with
the capacity expansion at the New York facility.
MeadWestvaco spun off its consumer and office products
business and merged it with Acco Brands in November in a deal
valued at about $860 million.
Shares of the company closed at $9.45 on Wednesday on the
New York Stock Exchange.