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Stepan Plans to Cease Production Activities and Shut-down its Canada Facility

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By: KERRY PIANOFORTE

Editor, Coatings World, Coatings World

Stepan announces plans to cease all production activities and shut-down its Longford Mills, Canada facility by the end of 2016. This decision will result in a workforce reduction of approximately 30 employees. Stepan products manufactured at this facility will be moved to other production sites within Stepan’s existing North American network. The Company previously announced the discontinuation of ethoxylation production at the site during the first quarter of 2016.

The total remaining costs associated with the plant shutdown are expected to be $8 million. These costs are expected to be recognized during the final three quarters of the year as incurred. Approximately one-half of the total expected costs are associated with accelerated depreciation. Other significant cost components relate to severance and plant shutdown expenses, estimated to be $1 million and $3 million.

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