Office Supplier, ACCO Brands to Shutter Sidney and New York Facilities, Layoff 300 Employees.

Tonernews.com, December 26, 2023. USA

This topic is empty.

Viewing 1 post (of 1 total)

Author

Posts
#459385

jim
Keymaster

ACCO Brands disclosed on Wednesday that it will be shuttering its facility in Sidney, New York as part of its cost savings plan.

The Sidney plant will be closed by the end of 2024 and will affect about 300 employees.

ACCO plans to relocate the manufacturing activities to an external supplier, transitioning the distribution function to its Booneville, Mississippi facility over the next twelve months.

The company expects to realize about $12 million in annualized cost savings under its cost savings plan when fully realized in 2025.

ACCO expects to record pre-tax restructuring charges of $9 million in 2023, and $2 million in 2024. It currently anticipates cash outflows of about $7 million in 2024 and $6 million in 2025.
Author

December 26, 2023 at 4:57 PM

Viewing 1 post (of 1 total)

You must be logged in to reply to this topic.

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty, or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action based on the content on our site.