AKRON, Ohio, Aug. 19, 2016 /PRNewswire/
-- A. Schulman, Inc. (Nasdaq: SHLM), a leading
international supplier of high-performance plastic compounds,
powders and resins, today announced the appointment of Andrean R. Horton to executive vice president
and chief legal officer, effective September
1, 2016. Horton, 42, succeeds David
C. Minc, who will retire from A. Schulman at the end of
fiscal 2016 in August. The plan calls for Minc to serve as an
attorney and consultant to the Company in connection with the
Lucent litigation and other matters.
Horton is currently Vice President, Secretary and Assistant
General Counsel, responsible for global legal operations, and she
joined A. Schulman in 2010 as its Senior Corporate Counsel,
Americas, responsible for the United
States, Canada and
Latin America. In her roles with
A. Schulman, she has provided counsel on a wide range of legal
issues, including intellectual property, real estate, contracts,
labor and employment, compliance and litigation. Prior to joining
A. Schulman, Horton was General Counsel and Corporate Secretary of
The Bartech Group, Inc., and held various legal roles at YRC
Worldwide Inc. She received a juris doctor degree from Case Western Reserve University School of Law and a
bachelor's degree in political science from the University of Michigan. She is a member of the
Association of Corporate Counsel, the State Bar of Ohio and the State Bar of Michigan.
"Andrean's extensive legal background, coupled with her sound
business judgment, makes her the ideal candidate for this position
as we continue to transform A. Schulman into a premier specialty
chemical organization," said Joseph M.
Gingo, chairman, president and chief executive officer. "The
promotion of Andrean is further evidence of our thoughtful approach
to succession planning. I have no doubt she will have continued
success in this role."
Minc (67) has served as the Company's vice president and chief
legal officer since 2008. Prior to joining A. Schulman, he was
General Counsel and Secretary for Flexsys America L.P., and held
senior legal positions with BFGoodrich and
Michelin/Uniroyal-Goodrich.
"On behalf of Board and the entire organization, I want to thank
Dave for his many valuable contributions to the restructuring,
growth and evolution of A. Schulman. His dedicated commitment and
sound counsel has helped make A. Schulman the company it is today,"
Gingo said. "His willingness to remain available to us as an
attorney and consultant is a reflection of both his character and
his dedication to the Company. We wish Dave and his family all the
very best going forward."
About A. Schulman, Inc.
A. Schulman, Inc. is
a leading international supplier of high-performance plastic
compounds and resins headquartered in Akron, Ohio. Since 1928, the Company has been
providing innovative solutions to meet its customers' demanding
requirements. The Company's customers span a wide range of markets
such as packaging, mobility, building & construction,
electronics & electrical, agriculture, personal care &
hygiene, sports, leisure & home, custom services and others.
The Company employs approximately 4,900 people and has 57
manufacturing facilities globally. A. Schulman reported
net sales of approximately $2.4 billion for the fiscal
year ended August 31, 2015. Additional information
about A. Schulman can be found at www.aschulman.com.
Use of Non-GAAP Financial Measures
This release
includes certain financial information determined by methods other
than in accordance with accounting principles generally accepted in
the United States ("GAAP"). These non-GAAP financial measures
include net income per diluted share excluding certain items and
adjusted EBITDA. These non-GAAP financial measures are considered
relevant to aid analysis and understanding of the Company's results
and business trends. However, non-GAAP measures are not in
accordance with, nor are they a substitute for, GAAP measures, and
tables included in this release reconcile each non-GAAP financial
measure with the most directly comparable GAAP financial measure.
The most directly comparable GAAP financial measures for these
purposes are net income per diluted share and operating income. The
Company's non-GAAP financial measures are not meant to be
considered in isolation or as a substitute for comparable GAAP
financial measures, and should be read only in conjunction with the
Company's consolidated financial statements prepared in accordance
with GAAP.
While the Company believes that these non-GAAP financial
measures provide useful supplemental information to investors,
there are very significant limitations associated with their use.
These non-GAAP financial measures are not prepared in accordance
with GAAP, may not be reported by all of the Company's competitors
and may not be directly comparable to similarly titled measures of
the Company's competitors due to potential differences in the exact
method of calculation. The Company compensates for these
limitations by using these non-GAAP financial measures as
supplements to GAAP financial measures and by reviewing the
reconciliations of the non-GAAP financial measures to their most
comparable GAAP financial measures.
Cautionary Statements
A number of the matters discussed in this document that are not
historical or current facts deal with potential future
circumstances and developments and constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
the fact that they do not relate strictly to historic or current
facts and relate to future events and expectations. Forward-looking
statements contain 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. Forward-looking
statements are based on management's current expectations and
include known and unknown risks, uncertainties and other factors,
many of which management is unable to predict or control, that
could cause actual results, performance or achievements to differ
materially from those expressed or implied in the forward-looking
statements. 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 or countries where the
Company has operations;
- the effectiveness of the Company's efforts to improve operating
margins through sales growth, price increases, productivity gains,
and improved purchasing techniques;
- competitive factors, including intense price competition;
- fluctuations in the value of currencies in areas where the
Company operates;
- volatility of prices and availability of the supply of energy
and raw materials that are critical to the manufacture of the
Company's products, particularly plastic resins derived from oil
and natural gas;
- changes in customer demand and requirements;
- effectiveness of the Company to achieve the level of cost
savings, productivity improvements, growth and other benefits
anticipated from acquisitions, joint ventures and restructuring
initiatives;
- escalation in the cost of providing employee health care;
- uncertainties and unanticipated developments regarding
contingencies, such as pending and future litigation and other
claims, including developments that would require increases in our
costs and/or reserves for such contingencies;
- the performance of the global automotive and oil and gas
markets as well as other markets served;
- further adverse changes in economic or industry conditions,
including global supply and demand conditions and prices for
products;
- operating problems with our information systems as a result of
system security failures such as viruses, cyber-attacks or other
causes;
- our current debt position could adversely affect our financial
health and prevent us from fulfilling our financial
obligations;
- integration of acquisitions, including most
recently Citadel, with our existing business, including the
risk that the integration will be more costly or more time
consuming and complex or simply less effective than
anticipated;
- our ability to achieve the anticipated synergies, cost savings
and other benefits from the Citadel acquisition;
- substantial time devoted by management to the integration of
the Citadel acquisition; and
- failure of counterparties to perform under the terms and
conditions of contractual arrangements, including suppliers,
customers, buyers and sellers of a business and other third parties
with which the Company contracts.
The risks and uncertainties identified above are not the only
risks the Company faces. Additional risk factors that could affect
the Company's performance are set forth in the Company's Annual
Report on Form 10-K for the fiscal year ended August 31, 2015.
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. We undertake no obligation to publicly update
forward-looking statements, whether as a result of new information,
future events or otherwise. You should consult any further
disclosures which are made on related subjects in our reports on
Form 10-Q, 8-K and 10-K that we provide to the Securities and
Exchange Commission.
SHLM_ALL
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SOURCE A. Schulman, Inc.