Sidney New York ACCO Brands Plant To Close By End Of 2024
The closure is aimed at reducing costs and improving the overall financial performance of the company. The manufacturing and distribution plant in Sidney is slated to close by the end of 2024. ACCO Brands employs approximately 300 employees at the Sidney plant. No exact date has been set for the closure.
ACCO Brands Corporation, headquartered in Lake Zurich, Illinois, plans to relocate the Sidney plant's manufacturing activities to an external supplier, and over the next 12 months, transition the distribution function to the company's facility in Booneville, Missouri.
The Market Screener website states that the Sidney plant closure is part of ACCO Brands Corporation's ongoing global footprint rationalization program. It is a key component of their long-term strategy to simplify operations, reduce costs, and improve overall financial performance.
According to the Oneonta Daily Star, the Sydney manufacturing plant makes several products including desk pads, calendars, planners, and notebooks. Details are being worked through on how the closure will affect employees who are close to retirement.
The Oneonta Daily Star article notes that the manufacturing and distribution plant began in 1946, as the Keith Clark Company, and then in the 1970s, was acquired by Lewis Cullman. In 1999, the plant was purchased by Mead Corporation which merged with ACCO Brands in 2012.
The Street Insider article states that ACCO Brands expects to record a pre-tax restructuring charge for the period ending December 31, 2023, of approximately $9 million representing employee termination and benefit costs.
The plant is owned by ACCO Brands and will be marketed for sale, although Street Insider notes that due to current real estate market conditions, a future sale date is uncertain.
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