Trinseo PLC announced its decision to discontinue operations at its ethylbenzene styrene monomer (EBSM) manufacturing facility in Terneuzen, the Netherlands. This decision was made following the completion of joint negotiations with the Works Council in Terneuzen. The plant is scheduled to officially cease operations in November 2023.

With the closure of the EBSM facility, the company will purchase of all of its styrene needs from third party suppliers to support its downstream businesses. The Company also recently announced the closure of its PMMA sheet operations in Bronderslev, Denmark, Belen, New Mexico, and Rho, Italy, as well as cost saving measures including headcount and other reductions. Materials produced at the closed PMMA sheet plants will now be produced by other facilities within the global network, primarily Saint-Avold, France, and Florence, Kentucky, USA.

In aggregate, these initiatives are expected to result in annual cost savings of approximately $75 million. The anticipated future cash payments associated with these actions are approximately $50 million, with $35 million of this expected to be incurred in 2024. These latest restructuring actions, in combination with lower natural gas hedge losses, are expected to result in a sequential profitability improvement of $100 million in 2024.