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Trinseo closing latex plant in Connecticut, citing coated paper decline; announced Aug. 1 price increase

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Trinseo closing latex plant in Connecticut, citing coated paper decline; announced Aug. 1 price increase

November 04, 2015 - 08:07
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OAKLAND, CA, Nov. 4, 2015 (RISI) -Latex supplier Trinseo said it has announced plans to close a plant in Connecticut as part of a plan to reduce costs. The company had alsoannounced an Aug. 1 price increaseof $0.10 per dry pound to the carpet and paper industry in North America.

The company included the information in its3Q 2015 financial reportshowing total sales down 21% to $1.03 billion and latex sales down 22% to $254.9 million due to the pass through of lower raw material costs as well as currency.

Trinseo in September said it would close its styrene butadiene latex plant in Gales Ferry, CT, by the end of 2015 to reduce costs by a $5 million run rate in 2016. The company cited continuing declines in the coated paper industry in North America,reports said, and customers who were supplied from the Gales Ferry site will be handled by rubber latex facilities in Michigan and Georgia.

Berwyn, PA-based Trinseo changed its name from Styron in February. It also supplies synthetic rubber, performance plastics, and basic plastics and feedstock.