The headquarters of the Pressure Sensitive Materials business will remain in Stow, OH. The manufacturing facility recorded 2013 annual net sales of approximately $45 million. The facility, started in 1959, primarily manufactures solvent-based pressure sensitive materials.
The Stow plant workforce includes approximately 115 employees. Bemis recognizes that these changes will have a significant impact on employees and their families and intends to offer transition services to affected employees to aid in their search for new employment.
In 2014, Bemis will record a pre-tax charge related to the plant closure of approximately $30 million which includes estimated costs related to the settlement of a multi-employer pension liability, employee severance and benefit costs, and fixed asset related costs.