Business

Polymers Int’l reduces workforce in response to market pressures

Global environmental concerns have come to bear on a Grand Bahama operation, forcing the company to dismiss ten of its contract workers recently.

Polymers International Ltd. explained that changes in environmental regulations globally have resulted in a decrease in demand for its products, thereby forcing the company to finally cut its costs at the labor end.

“At Polymers International Ltd. we recently adjusted our workforce in response to changing market dynamics that are reducing demand for the resins we manufacture in our Freeport facility,” according to a press release from the company.

“Foam food and beverage packaging has increasingly been the target of environmental concerns and legislative bans and as a result, customers and consumers are choosing products made from alternative raw materials.”

As this global switch to more environmentally-friendly alternatives grew, Polymers said it attempted as long as it could to reduce costs at myriad ends of the business before deciding to reduce its labor component.

“We took several previous steps to reduce expenses that did not affect labor,” the release states.

“Polymers International Ltd. continues to serve as an important resin producer for our customers. We appreciate our employees’ continued commitment to our company and we thank the Freeport community for its support as well.”

The company makes polystyrene beads used to manufacture foam products. The beads are The Bahamas’ largest export.

Styrofoam packaging and single use plastics are to be banned in The Bahamas by January 1, 2020. Pressures from environmentally-friendly policies such as this have impacted Polymers’ operations.

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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