MOSCOW (MRC) -- A. Schulman, Inc. (Nasdaq: SHLM), a leading international supplier of high-performance plastic compounds, powders and resins, announced that it has expanded its existing polyethylene terephthalate ("PET") compounding capacity by adding a new production line at the Bornem masterbatch plant in Belgium, said the company in its press release.
"The additional PET capacity will reinforce our leading market position as a masterbatch provider for the European food packaging and BoPET film markets," said Heinrich Lingnau, Vice-President and General Manager Europe, Middle East and Africa ("EMEA"), A. Schulman. "This investment is indeed aligned with current megatrends and addresses the needs of the packaging market."
"Coupled with our extensive technical and market knowledge as well as the existing polystyrene and polyolefin offering, this investment will enable us to meet our customers' growing demand for customized food packaging solutions," added Frank Roederer, Business Unit Director Masterbatch, EMEA.
The added PET product, which is commercialized under the name of PolyPet will significantly increase the Company's PET yearly production capacity. In the first phase, the new line will be dedicated primarily to the production of additive concentrates and white PET masterbatch.
As MRC informed earlier, A. Schulman announced that it is consolidating its North American production facilities. As part of its ongoing review of its manufacturing footprint, the company will close its plant in Stryker, Ohio, in April 2015 and shift the plant's production to other facilities in North America.
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. A. Schulman has 33 manufacturing facilities globally. A. Schulman's fiscal third-quarter earnings fell 69% amid continued sluggishness in European markets and higher-than-expected costs in Latin America, where the company has been consolidating its Brazilian operations.
MRC