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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.
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