BRIEF-Stepan announces Canadian plant closure

Fri May 20, 2016 8:02am EDT
 
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May 20 (Reuters) - Stepan Co :

* Stepan announces Canadian plant closure

* Decision will result in a workforce reduction of approximately 30 employees

* Total remaining costs associated with plant shutdown are expected to be $8 million

* Products manufactured at this facility will be moved to other production sites within Stepan's existing North American network

* Plans to cease all production activities and shutdown its Longford mills, canada facility by end of 2016

* Says expects to recognize net pre tax manufacturing savings of less than $1 million in 2016 increasing to $3 million in 2018

* Costs are expected to be recognized during final three quarters of year as incurred

* Plans to cease all production activities and shutdown its Longford mills, Canada facility by end of 2016 Source text for Eikon: Further company coverage: