Trinseo PLC (TSEOF): restructuring charge — Trinseo expands restructuring; closes Terneuzen styrene plant, $58-68M charges

Trinseo PLC

Estimated restructuring charges of $58-68M for Terneuzen closure, including decommissioning and severance.
Annual cost savings of ~$75M expected from all restructuring actions combined.
Anticipated cash payments of ~$50M, with $35M in 2024.
Combined with lower natural gas hedge losses, sequential profitability improvement of $100M forecast in 2024.
Company will purchase all styrene from third parties moving forward.

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 $58 million to $68 million affecting Terneuzen, the Netherlands styrene plant.

Type: restructuring
Charge: $58 million to $68 million
Affected area: Terneuzen, the Netherlands styrene plant

Exact text from the filing

plant, decommission the styrene plant assets, as well as related workforce reductions. These additional actions are expected to result in estimated restructuring charges of $58 million to $68 million, consisting of approximately $19 million to $21 million of asset-related charges, primarily for accelerated depreciation; approximately $20 million to $23 million

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Trinseo PLC filing history →

Source: SEC EDGAR

accession 0001558370-23-016975

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