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Trinseo announces executive leadership changes

April 17/2020

MOSCOW (MRC) -- Trinseo, a global materials solutions provider and manufacturer of plastics, latex binders and synthetic rubber, has announced several changes to its executive leadership team, said the producer on its site.

"In a difficult economic environment, we continue to look for opportunities to drive greater focus on business process optimization and efficiency," said Frank Bozich, President and CEO of Trinseo.

The previously announced search for a Senior Vice President, Commercial, has been suspended in favor of a flatter organization to streamline decision making so that the leaders of the global business units will report directly to the CEO. As a result, effective May 1, 2020, Francesca Reverberi has been named Vice President, Engineered Materials and Synthetic Rubber; Nicolas Joly has been named Vice President, Plastics and Feedstocks; and Rudiger Schmitz has been named Vice President, Latex Binders. Each of these appointments will be members of the companys executive leadership team.

Tim Stedman, Senior Vice President, Strategy and Corporate Development, has been named Special Advisor, effective May 1, 2020, and will leave the company on October 31, 2020 to pursue other opportunities. As a result, Andre Lanning has been named Vice President, Strategy, Corporate Development and Marketing Communications, effective May 1, 2020 and will be a member of the companys executive leadership team.

Jeff Denton, Vice President, Supply Chain Services, has been named Special Advisor, effective April 1, 2020 and will leave the company on August 1, 2020. As a result, Rainer Schewe was named Vice President, Supply Chain Services, effective April 1, 2020.

Catherine Keenan, Vice President, Public Affairs, Sustainability, and Environment, Health, and Safety, is stepping down from her position in order to pursue other opportunities, effective May 1, 2020. As a result, her responsibilities are being redistributed among the executive leadership team.

"Tim Stedman, Jeff Denton, and Catherine Keenan have each made substantial contributions to Trinseo over the years, including building strong teams and developing our people," Bozich said. "I want to thank each of them and wish them all the best going forward."

As MRC wrote before, Trinseo (Berwyn, Pennsylvania) has joined the growing ranks of chemical companies providing financial and operational updates in response to the coronavirus disease 2019 (COVID-19) pandemic. Like many of its peers, the company announced that it is drawing USD100 million on a revolving credit facility "out of an abundance of caution." Trinseo says all of its manufacturing facilities remain online except the API Plastics site in Mussolente, Italy, which has been closed by the government as a nonessential business.

We also remind that Trinseo and its affiliate companies in Europe has announced a price decrease for all polystyrene (PS) grades in Europe. Effective April 1, 2020, or as existing contract terms allow, the contract and spot prices for the products listed below went down as follows:

     -- STYRON general purpose polystyrene grades (GPPS) -- by EUR180 per metric ton;
     -- STYRON and STYRON A-Tech and STYRON X- Tech high impact polystyrene grades (HIPS) - by EUR180 per metric ton.

According to ICIS-MRC Price report, in Russia, Nizhnekamskneftekhim reduced its April selling PS prices by  Rb10,000/tonne. GPPS for injection moulding and extrusion was offered at Rb86,000-90,000/tonne CPT Moscow, including VAT, whereas HIPS - at Rb90,000-94,000/tonne CPT Moscow, including VAT.  Penoplex reduced its GPPS prices by Rb10,000/tonne. Demand for the Kirishi plant's material remained quite good. And Gazprom neftekhim Salavat reduced its indicative prices by Rb8,000/tonne, and its GPPS prices for small- and medium-sized buyers have not been settled yet.

Trinseo is a global materials company and manufacturer of plastics, latex and rubber. Trinseo's technology is used by customers in industries such as home appliances, automotive, building & construction, carpet, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires. Formerly known as Styron, Trinseo completed its renaming process in 1Q 2015. Trinseo had approximately USD4.6 billion in net sales in 2018, with 16 manufacturing sites around the world, and approximately 2,500 employees.
Author:Margaret Volkova
Tags:Europe, PS, GPPS, HIPS, Gazprom neftekhim Salavat, Nizhnekamskneftekhim, Penoplex-Kirishy, Trinseo (Styron), Russia, USA.
Category:General News
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