PolyOne cuts 400 jobs as part of cost restructuring

CLEVELAND (Jan. 14)—PolyOne Corp. will eliminate 400 salaried administrative employees to improve profitability by reducing the company's cost structure. The firm said the cuts will lower selling and administrative costs between $30 million and $35 million pretax annually, effective in the second quarter. PolyOne also said it would implement about $5 million to $10 million in reductions of non-personnel costs. Additional savings will come from further centralization of certain functions in North America like human resources, information technology, sourcing and finance, and from the elimination of outside professional services. The reductions will occur worldwide, but about 90 percent of the affected employees are in North America, the company said. PolyOne said the cuts would take place during the first quarter.