*NEWS*SENSIENT TO CLOSE PLANTS & CUT JOBS

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*NEWS*SENSIENT TO CLOSE PLANTS & CUT JOBS

 user 2005-11-29 at 11:15:00 am Views: 64
  • #13061

    Sensient to close two plants, cut 140 employees
    Sensient
    Technologies Corp. said it will close two plants, lay off 140 workers
    and eliminate two product lines as part of a previously announced
    restructuring plan.

    The move is being driven by lower sales of inkjet products, Sensient said.
    The
    company did not identify the plants to be closed. Its only Wisconsin
    plant is a flavor enhancers and extract plant near Beaver Dam in
    Juneau, according to its annual report. The layoffs will occur across
    all operating groups.
    As a result of the plan, the Milwaukee-based
    supplier of flavors, colors and fragrances said it will take a $9.6
    million charge in the fourth quarter, the company said in a regulatory
    filing Tuesday.
    Although some specific elements of the plan are
    still being evaluated, Sensient estimates that the final plan and other
    related actions will produce annual savings of approximately $13
    million. Management estimates that $10 million of savings will be
    achieved in 2006.
    Sensient also expects capital expenditures of approximately $2.4 million will be required to implement these plans.
    Sensient
    announced plans to restructure Oct. 17 when it reported a 35 percent
    decline in third-quarter profits. The firm said it is being hurt by a
    sharp rise in costs for raw materials and energy, which reduced
    third-quarter earnings by about 6 cents per share.