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For further details see our joint press release.
Material Sciences Corporation has implemented a reorganization and cost reduction program that is expected to save approximately $4.0 million before taxes annually.
This program involves the reorganization of its three continuing operations into a single business unit resulting in a 13 percent reduction in its salaried employees. The company will take an after-tax restructuring charge of $0.9 million, or 6 cents per share in its third quarter for severance and other related costs associated with this action.
The new structure brings together MSC Pre Finish Metals Inc., MSC Laminates and Composites Inc., and MSC Walbridge Coatings Inc., which will operate as the Material Sciences Corporation, Engineered Materials & Solutions Group. This new operating unit will provide electronic, acoustical/thermal, and coated metal materials-based solutions to a variety of markets. The unit’s president will be Ronald L. Millar, formerly group vice president and general manager of MSC Laminates and Composites Inc. Millar will report to Chairman, President and Chief Executive Officer, Gerald G. Nadig.
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