AKRON, Ohio, Aug. 18 /PRNewswire-FirstCall/ -- A. Schulman, Inc. (NASDAQ:SHLM) announced today that the Company is seeking a joint venture partner or other strategic arrangements for its Invision(R) business. The innovative Invision sheet product line features a highly durable and decorative surfacing technology that provides cost-effective and environmentally sensitive solutions for a wide variety of applications and markets.
"Invision is a unique product that has significant market potential both domestically and internationally, as well as a growing customer base," said Joseph M. Gingo, Chairman, President and Chief Executive Officer of A. Schulman. "Our Invision technology is well-developed in the areas of materials, processing and coloring, and we have a number of pending patents and innovations that are maintained as trade secrets." Gingo added, "Nevertheless, Invision's broad-based potential extends beyond A. Schulman's core markets. Therefore, while we remain committed to the Invision business, we are seeking a strategic partner with which we can collaborate to accelerate the market adoption and sales growth of this outstanding product line." Invision is based on advanced polyolefin sheet technologies and can replace less environmentally or economically attractive materials such as paint, paint film, styrenics and acrylics. The product line encompasses both thin- and heavy-gauge materials and has significant market potential in the agriculture, recreational vehicle, heavy truck, automotive, aquatic sports and boating segments. Typical applications include exterior body panels and trim components, fenders, door panels, housings and enclosures. Invision users can potentially save up to 20 percent in these applications compared with other technologies used to produce parts with a decorative surface finish.
A. Schulman will be targeting specific companies to explore joint venture opportunities, but will be open to consideration of all potential partners and strategic arrangements.
About A. Schulman Headquartered in Akron, Ohio, A. Schulman is a leading international supplier of high-performance plastic compounds and resins. These materials are used in a variety of consumer, industrial, automotive and packaging applications. The Company employs about 2,200 people and has 16 manufacturing facilities in North America and Europe (including Asia). Revenues for the fiscal year ended August 31, 2007, were $1.8 billion. Additional information about A. Schulman can be found at http://www.aschulman.com/.
Forward-Looking Statements Certain statements in this release may constitute forward-looking statements within the meaning of the Federal securities laws. These statements can be identified by the fact that they do not relate strictly to historic or current facts. They use such words as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. These forward-looking statements are based on currently available information, but are subject to a variety of uncertainties, unknown risks and other factors concerning the Company's operations and business environment, which are difficult to predict and are beyond the control of the Company. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements, and that could adversely affect the Company's future financial performance, include, but are not limited to, the following: -- Worldwide and regional economic, business and political conditions, including continuing economic uncertainties in some or all of the Company's major product markets; -- Fluctuations in the value of currencies in major areas where the Company operates, including the U.S. dollar, euro, U.K. pound sterling, Canadian dollar, Mexican peso, Chinese yuan and Indonesian rupiah; -- Fluctuations in the prices of sources of energy or plastic resins and other raw materials; -- Changes in customer demand and requirements;
-- Escalation in the cost of providing employee health care;
-- The outcome of any legal claims known or unknown;
-- The performance of the North American auto market; and
-- The North American recessionary economy. Additional risk factors that could affect the Company's performance are set forth in the Company's Annual Report on Form 10-K. In addition, risks and uncertainties not presently known to the Company or that it believes to be immaterial also may adversely affect the Company. Should any known or unknown risks or uncertainties develop into actual events, or underlying assumptions prove inaccurate, these developments could have material adverse effects on the Company's business, financial condition and results of operations.
This release contains time-sensitive information that reflects management's best analysis only as of the date of this release. A. Schulman does not undertake an obligation to publicly update or revise any forward- looking statements to reflect new events, information or circumstances, or otherwise. Further information concerning issues that could materially affect financial performance related to forward-looking statements can be found in A. Schulman's periodic filings with the Securities and Exchange Commission. DATASOURCE: A. Schulman, Inc.
CONTACT: Paul DeSantis, Chief Financial Officer, A. Schulman, +1-330-668-7243, Web site: http://www.aschulman.com/
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