Norwood Promotional Products LLC is leaving Indianapolis for Florida, a move that will result in the loss of 99 jobs at its downtown office.
Norwood and its parent, Clearwater, Fla.-based Bic Graphic USA, made the announcement late Tuesday afternoon. The local closure is part of a larger consolidation by Bic Graphic USA.
Norwood, a supplier of promotional products, was sold for $162.5 million in June 2009 to Bic Graphic USA, a division of ink pen and shaver maker Bic USA.
As part of the consolidation, Norwood’s administrative and support functions in Indianapolis will be relocated to Clearwater. In addition, Norwood’s manufacturing operations in San Antonio, Texas, will be absorbed into other existing Norwood locations. The move will result in the loss of 345 jobs in San Antonio.
The relocation of the Indianapolis and San Antonio operations is expected to be completed by the end of the year. Employees in Indianapolis who choose to move will be offered a relocation package, the company said. Others will be provided job-search support and severance pay.
“In the long term, this is the right decision for the organization,” Norwood President Paul Lage said in a written statement. “We are very grateful for the many years of service and dedication our San Antonio associates have given Norwood and hope that many of our Indianapolis associates will join the organization in Clearwater.”
Bic paid $125 million and assumed $37.5 million in liabilities for Norwood, which filed for Chapter 11 bankruptcy protection in May 2009. Norwood, the nation’s second-biggest seller of promotional products, moved its headquarters from Austin, Texas, to Indianapolis nearly seven years ago.
Its Indianapolis offices are in Market Tower.