OM Group Completes Sale of SCM Metals
OM Group, Inc., Cleveland, Ohio, has completed the sale of SCM Metal Products, Inc. to Hoganas AB for $65 million in cash. On December 12, 2002 OMG announced details of its plan to improve cash flow and strengthen its balance sheet. In addition to divesting non-core assets, the company's restructuring plan included reducing workforce expenses by roughly $45 million annually by eliminating approximately 550 positions and lowering other manufacturing and administrative costs by approximately $40 million annually. OM Group, Inc., through its operating subsidiaries, produces and markets metal-based specialty chemicals and related materials with manufacturing facilities in the Americas, Europe, Asia, Africa and Australia.