22 December 2008 17:02 [Source: ICIS news]
HOUSTON (ICIS news)--Plastics processor PolyOne expects its US business to lose money in 2009 and plans further actions to cut costs, the company said on Monday.
Earlier this year, the company announced plans to close eight plants.
“While we are pleased with the improved short term outlook for operating income before special items, we recognise that the recent demand decline presents a challenging scenario for 2009,” said chief executive Stephen Newlin in a press release.
The company projected that stronger margins in the fourth quarter would offset a 15% year-over-year drop in revenues.
PolyOne’s international operations should remain profitable in 2009, but the ?xml:namespace>
The company will announce the details of its latest cost-cutting plan in February and will discontinue providing earnings guidance and intra-quarter updates.
Shares of PolyOne were traded more than 7% lower at $2.83 on Monday morning.
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