Trinseo PLC (TSEOF): restructuring charge — Trinseo approves restructuring plan with plant closures in Denmark, New Mexico, Italy; expects $22-27M charges

Trinseo PLC

Closure of PMMA cast sheets plant in Bronderslev, Denmark, batch polyester tray casting plant in Belen, NM, and extruded sheet line in Rho, Italy.
Total restructuring charges estimated at $22M to $27M, including $10-12M severance and $8-9M asset-related charges.
Substantially complete by end of 2024; $19M to $24M of charges expected in 2023.
Cash portion of charges estimated at $12M to $14M, mainly severance, substantially incurred by end of 2024.
Plan also includes other workforce reductions; potential closure of Terneuzen, Netherlands styrene plant pending board approval.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Trinseo PLC announced a restructuring with charges of approximately $22 million to $27 million affecting PMMA sheet network, primarily in Europe, Bronderslev (Denmark) plant, Belen (New Mexico) plant, Rho (Italy) plant, and general & administrative network (approximately $10 million to $12 million of severance benefits to affected employees).

Type: restructuring
Charge: approximately $22 million to $27 million
Affected area: PMMA sheet network, primarily in Europe, Bronderslev (Denmark) plant, Belen (New Mexico) plant, Rho (Italy) plant, and general & administrative network
Headcount: approximately $10 million to $12 million of severance benefits to affected employees

Exact text from the filing

is expected to be substantially completed by the end of 2024. The Company expects to incur total restructuring charges in connection with the Plan ranging from approximately $22 million to $27 million. The total charges will consist of approximately $10 million to $12 million of severance benefits to affected employees; approximately $8 million to $9 million of

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Source: SEC EDGAR

accession 0001558370-23-015229

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