|
MOSCOW (MRC) -- Trinseo, a global
materials company and manufacturer of plastics, latex binders, and synthetic
rubber, announced that two members of its board of directors, Stephen M. Zide
and Christopher D. Pappas, have decided to retire from the board effective
September 30, 2020, as per the company's press release.
In light of Mr.
Zide’s and Mr. Pappas’ decisions, the board has appointed Jeanmarie Desmond and
Matthew Farrell as their replacements, effective October 1, 2020 and November 1,
2020, respectively.
“On behalf of the Company and the board, I want to
thank Steve and Chris for their leadership and dedication to Trinseo over the
past 10 years,” said Frank Bozich, President and CEO, Trinseo. “They were both
founding members of our board, and our success would not have been possible
without them. I am personally thankful for their guidance and direction over the
years and during my onboarding into the company.”
Mr. Zide has served as
Chairman of the Board since 2010. Mr. Pappas served as the Company’s President
and Chief Executive Officer from 2010 until his retirement in 2019 and has also
been on the board of directors since 2010. As the board’s longest-tenured
members, Mr. Zide and Mr. Pappas were instrumental in transitioning Trinseo from
a carve-out business into a fully independent standalone public
company.
“I’m grateful for the strong foundation that Mr. Zide and Mr.
Pappas have created which continues to serve the Company,” Bozich continued.
“Moving forward, we are excited to welcome Jeanmarie and Matthew to the board as
we embark on a very exciting future and set out to achieve our strategic
objectives and our recently announced sustainability goals. Their combined
experience in the chemical space will be invaluable to our continued growth and
innovation as a materials solutions provider.”
Jeanmarie Desmond is the
former Executive Vice President and Chief Financial Officer of DuPont de
Nemours, Inc. and has previously served as Vice President and Co-Controller for
DowDuPont and as finance leader for the Specialty Products division following
the merger of DuPont with Dow Chemical. Ms. Desmond brings substantial finance
experience and extensive experience in the chemicals industry to the board of
directors.
Matthew Farrell is the Chairman, President and Chief Executive
Officer of Church & Dwight Co. Inc., serving since 2016 and as Chairman
since 2019. Mr. Farrell served as Executive Vice President, Chief Financial
Officer and Chief Operating Officer at Church & Dwight since 2014, and as
its Chief Financial Officer since 2006. Mr. Farrell brings to the board of
directors his experience as a chief executive officer, substantial financial and
audit expertise and experience in the chemicals, industrial goods and consumer
products industries.
As MRC reported before,
Trinseo and its affiliate companies in Europe have announced a price increase
for all polystyrene (PS), acrylonitrile-butadiene-styrene (ABS) and
acrylonitrile-styrene copolymer (SAN) in Europe, according to the company's
press release as of 5 October. Effective October 1, 2020, or as existing
contract terms allow, the contract and spot prices for the products listed below
rose as follows:
- STYRON general purpose
polystyrene grades (GPPS) -- by EUR75 per metric
ton;
- STYRON and STYRON A-Tech and STYRON X- Tech
and STYRON C- Tech high impact polystyrene grades (HIPS) - by EUR75 per metric
ton;
- MAGNUM ABS resins - by EUR50 per metric
ton;
- TYRIL SAN resins - by EUR30 per metric
ton.
According to ICIS-MRC Price
report, October prices of Russian PS continued their upward trend. A
shortage of material remained in the domestic market. Traders said
Nizhnekamskneftekhim reduced its offer prices for this month's PS purchases to
40%. October prices of Nizhnekamskneftekhim's GPPS grew for the agreed with
buyers quantities to Rb89,000-95,000/tonne CPT Moscow, including VAT, whereas
HIPS - to Rb93,000-99,000/tonne CPT Moscow, including VAT.
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 USD3.8 billion in net sales in
2019, with 17 manufacturing sites around the world, and approximately 2,700
employees. |
 |
