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Annual sales for the LP/IG Business are approximately $60 million. Gutwein notes that the negative sales and volume growth for the business, competing technologies and substantial capital investment at Moss Point to bring the facility up to acceptable manufacturing standards were the factors in the decision.
The company intends to continue to operate its Liquid Polysulfide operations at Moss Point through mid-December 2001. It will meet all customer commitments; however, new orders and contracts will be accepted only on a case-by-case basis. Approximately 165 positions will be eliminated by the exit.
Liquid Polysulfide is the plant’s principal product and is used as a high-performance construction sealant and a sealant for jet fuel tanks. Window manufacturers also use it to bind together multiple layers of insulated glass.