MALMO, Sweden (March 13, 2009)—Hexpol A.B., the Swedish polymer group, is accelerating its cost reduction program with more job losses, temporary leave of absences and the closure of its rubber compounding plant in Magog, Canada, the company said.
The measures taken during the first half of 2009 will save the company $6.1 million, resulting in restructuring charges of $11.3 million in the first quarter of 2009, Hexpol said.
The closure of the compounding plant in Canada is due to commence soon, the company said.