MOSCOW (MRC) -- A. Schulman, Inc. has announced that its Board of Directors has named Bernard Rzepka as President and Chief Executive Officer of the Company, effective January 1, 2015, as per the company's press release.
In addition, the Board has nominated Joseph M. Gingo, the Company's current Chairman, President and Chief Executive Officer, to continue as Chairman of the Board after his retirement as President and Chief Executive Officer on December 31, 2014.
The changes are part of the company's succession planning process, and the nomination of Gingo as Board Chairman is subject to his re-election as a director by shareholders at the Company's annual meeting this December.
In addition, the company has successfully completed eight acquisitions and three joint ventures and recently announced an agreement to acquire Ferro Corporation's Specialty Plastics business. The company has successfully implemented continuous improvement in its global operations and intensified its focus on high-margin products and growth markets.
As MRC reported earlier, last September, A. Schulman, Inc. purchased the Perrite Group, a thermoplastics manufacturing business with operations in Malaysia, the United Kingdom and France, for approximately USD52 million. Perrite was part of the Vita Group portfolio of companies. The acquisition was expected to increase revenues in A. Schulman's Asia Pacific (APAC) segment by 35% and doubled the size of the company's existing Engineered Plastics business in the region.
Perrite has manufactured and distributed thermoplastic compounds for the electrical, automotive and industrial markets for more than 35 years, offering a broad portfolio of standard and custom compounded polymer products. Perrite's product lines include the high-performance Ronfalin ABS brand and prime-quality polyamide Vitamide range. Other key brands include Percom polypropylene, Perlex polycarbonate, Styralin polystyrene and Pertal POM. Perrite employs approximately 220 people and recorded revenues of USD140 million in fiscal 2012.
A. Schulman is a global plastics supplier, headquartered in Akron, Ohio, and a leading international supplier of high-performance plastic compounds and resins, which are used as raw materials in a variety of markets. The company employs approximately 3,500 people and has 38 manufacturing facilities globally. A. Schulman reported net sales of USD2.1 billion for the fiscal year ended August 31, 2013.
MRC