CLEVELAND, June 19 /PRNewswire/ -- Noveon, Inc. -- formerly BFGoodrich
Performance Materials -- said today that it is restructuring and streamlining
its operations to serve customers more quickly and efficiently worldwide and
to support the company's global growth strategy.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010523/CLW011LOGO-b )
As part of the restructuring and streamlining, which involves all of the
company's global business units and corporate staff organization, Noveon is
eliminating approximately 300 jobs, or about 10 percent of its global
workforce. Included in this total are job reductions that were announced
previously involving the company's colorants business in Cincinnati, Ohio.
"We have the opportunity as a new independent company to shape our
operations in a way that will make us more competitive and profitable in
today's very challenging economic environment," Steven J. Demetriou, Noveon
president and chief executive officer, said. "At the same time, we are
positioning ourselves for profitable growth by enhancing our strengths and
capabilities in innovation, technology, product development, supply chain
management and customer service."
While the company has eliminated certain positions and responsibilities as
part of its overall restructuring, Demetriou said Noveon intends to
selectively create and fill new positions that are critical to achieving
profitable growth.
Noveon is a leading global producer and marketer of technologically
advanced specialty chemicals for a broad range of consumer and industrial
applications. The company was formed as an independent entity on February 28,
2001 when an investor group comprised of AEA Investors Inc., and affiliates of
DLJ Merchant Banking Partners and DB Capital Partners, Inc., acquired the
Performance Materials business from BFGoodrich. Noveon is headquartered in
Cleveland, Ohio, with regional centers in Brussels, Belgium, and Hong Kong.
About 2,900 Noveon employees work at 42 facilities worldwide.
This release contains forward-looking statements that relate to future
events or performance. These statements reflect the Company's current
expectations, and the Company does not undertake to update or revise these
forward-looking statements, even if experience or future changes make it clear
that any projected results express or implied in this or other Company
statements will not be realized. Furthermore, investors are cautioned that
these statements involve risks and uncertainties, many of which are beyond the
Company's control, which could cause actual results to differ materially from
the forward-looking statements.
Investors are cautioned not to place undue reliance on any forward-looking
statements contained herein, which speak only as of the date hereof. The
Company undertakes no obligation to publicly release the result of any
revisions to these forward-looking statements that may be made to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
SOURCE Noveon, Inc.
 back to top
Related links:
http://www.noveoninc.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20010523/CLW011LOGO-b
AP Archive: http://photoarchive.ap.org
CONTACT:
Media, Rob Jewell, 216-447-5255, or Sean
Stack, Investor Relations Contact, 216-447-6494, both of Noveon,
Inc.
|
