news Gingo reappointed Schulman CEO
Joseph Gingo has returned as CEO and president of US- based compounding giant A Schulman. The move follows a board decision to remove Gingo’s successor, Bernard Rzepka, following disappoint- ing financial results. Gingo, 71, had served as CEO at Schulman for seven years before moving to become chairman. Lead independent director David Birney said that Gingo “led this company through a remarkable seven-year renaissance as its CEO and the board is confident that he will restore A Schul- man’s operational and financial performance to the high level our shareholders expect”. No timeline for this
Maag opens up in India
Maag, the Swiss maker of gear pumps, pelletising systems, filtration systems and pulverisers, has opened its first sales and service centre in India at Vadodara, in Gujarat state. The announcement came hot on the heels of a similar location opening in Thailand. The investment includes
an advanced rotor sharpen- ing workshop for strand pelletisers, its eighth in total worldwide. This can handle a broad range of standard rotors and bed knives, the company said. The 1,000 m2
centre
currently employs six but has room for expansion. ❙
www.maag.com
www.compoundingworld.com
assisted by an advisory firm. He agreed that the board was “not satisfied with the company’s less than optimal performance throughout fiscal 2016” and that a thorough review was necessary. On 11 August, a week
Joseph Gingo resumes the CEO role following poor financial results
has been disclosed. Gingo said that the company will undertake a comprehen- sive review of its business plan, as well as near and longer- term global end market trends,
before the leadership an- nouncement was made, Schulman had lowered its full-year 2016 adjusted net income guidance range from $2.40-1.45/diluted share to $1.90-1.95, citing “deteriorat- ing market conditions” in the US and Europe. Projected EBITDA for the year was reduced from $245-250m to $225-230m.
During Q3 Schulman saw double-digit volume contrac-
tion and this continued into August. The top line was particularly impacted in the Masterbatch Solutions, Engineered Plastics and Engineered Composites product families.
Rzepka said at the time that this was further compounded by continued volatility in major raw materials, due to the caution engendered in custom- ers by lower oil prices and thus falling orders. “Unfortu- nately, the weak demand environment has overshad- owed the positive impact of several cost reduction and synergy programmes that we have been executing through- out the year,” he said. ❙
www.aschulman.com
S&E targets TPEs for tough cabling
Speciality plastic compounder S&E Speciality Polymers of Lunenburg, Massachusetts, US, has launched a new family of ‘universal TPE’ compounds for demanding wire and cable applications.
Based on hybrid TPE-TPO-
CPE alloys and sold under the TufFlex, TufFill and TufPrene brands, the company said the new TPEs are “specifically designed to survive the harshest environments for wire and cable industry applications.”
Among them are two
flexible (75A) grades, TufFlex 2272-6500FR and TufFlex 12-003-75A. The former can be used over a temperature range of -60 to +150°C and offers good oil resistance, high flame retardance, good high heat
S&E launches TPEs for demanding cable projects
deformation properties, and UV and fungi resistance. The second grade covers the temperature range from -70 to +125°C.
Also new is TufFill 15-058, a
non-halogenated grade for transportation and utility
applications. “We are excited about the
possibilities these new compounds bring to the wire & cable industry,” said Duane Shooltz, President and Managing Partner at S&E. ❙
www.sespoly.com
September 2016 | COMPOUNDING WORLD 5
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