Brief: Sensient Technologies Corp Announces Portfolio Optimization Plan

Sensient Technologies

08/02/2024 22:41

Feb 8 (Reuters) - Sensient Technologies Corp  SXT.N :
    * SENSIENT TECHNOLOGIES CORP: ANNOUNCED PORTFOLIO
OPTIMIZATION
PLAN TO UNDERTAKE EFFORT TO OPTIMIZE CERTAIN PRODUCTION
FACILITIES, IMPROVE EFFICIENCIES
    * SENSIENT TECHNOLOGIES: AS PART OF PLAN, IN FLAVORS &
EXTRACTS
SEGMENT, EVALUATING POTENTIAL CLOSURE OF MANUFACTURING FACILITY
IN FELINFACH, WALES, UK
    * SENSIENT TECHNOLOGIES - IN COLOR SEGMENT, CO IS CLOSING
MANUFACTURING FACILITY IN DELTA, BRITISH COLUMBIA, CANADA,
CLOSING SALES OFFICE IN ARGENTINA
    * SENSIENT TECHNOLOGIES CORP: EXPECTS PLAN TO BE
SUBSTANTIALLY
COMPLETED BY END OF 2025
    * SENSIENT TECHNOLOGIES CORP: IF ALL CONTEMPLATED ACTIONS
WERE
TAKEN, CO WOULD ALSO EXPECT PLAN TO COST ABOUT $40 MILLION
    * SENSIENT TECHNOLOGIES: AS PART OF PLAN, IN FLAVORS &
EXTRACTS
SEGMENT, EVALUATING POTENTIAL CLOSURE OF ITS SALES OFFICE IN
GRANADA, SPAIN
    * SENSIENT TECHNOLOGIES CORP: IF ALL CONTEMPLATED ACTIONS
WERE
TAKEN, CO WOULD POTENTIALLY REDUCE HEADCOUNT BY ABOUT 130
POSITIONS
    * SENSIENT TECHNOLOGIES CORP: REDUCED HEADCOUNT WOULD BE
PRIMARILY
IN FLAVORS & EXTRACTS AND COLOR SEGMENTS
    * SENSIENT TECHNOLOGIES CORP: IF ALL CONTEMPLATED ACTIONS
WERE
TAKEN, EXPECT PLAN WOULD REDUCE ANNUAL OPERATING COSTS BY ABOUT
$8 MILLION - $10 MILLION
    * SENSIENT TECHNOLOGIES- ON FEB 6,STEPHEN J. ROLFS, SENIOR
VP, CFO
PROVIDED NOTICE OF HIS INTENT TO RETIRE FROM HIS EMPLOYMENT WITH
CO ON JUNE 30, 2024
    * SENSIENT TECHNOLOGIES CORP: IF ALL CONTEMPLATED ACTIONS
WERE
TAKEN, PLAN'S FULL BENEFIT EXPECTED TO BE ACHIEVED AFTER 2025
    * SENSIENT TECHNOLOGIES CORP -  TOBIN TORNEHL, CO’S CURRENT
VP,
CONTROLLER AND CHIEF ACCOUNTING OFFICER, WILL SUCCEED ROLFS

Further company coverage:  SXT.N 

 (Reuters.Briefs@thomsonreuters.com)