PolyOne will close U.S. and U.K. plants

Polymer compounder PolyOne will close seven plants in North America and one in the U.K. The Cleveland-based company says the shutdowns will result in a net reduction of about 150 jobs. It plans to move manufacturing of affected products to a number of its more than 30 remaining plants, investing about $12 million in the moves. PolyOne expects to incur one-time charges of about $31 million to account for the shutdowns and to generate future annual savings of $17 million. CEO Stephen D. Newlin attributes the closures to declining demand in markets such as housing and automotive.