Global agreement will provide common material across the automotive industry
TROY, Mich., Sept. 25 /PRNewswire-FirstCall/ -- Inteva Products, LLC and A. Schulman, Inc. (NASDAQ:SHLM) announced today a licensing agreement to provide automotive manufacturers with an industry-leading technology for use in the interior manufacturing process. Inteva's recently developed technology, a thermoplastic elastomer (TPE) blend, will provide automakers with a high-quality, durable and environmentally friendly alternative material.
"Working with A. Schulman provides opportunity to manufacture and distribute a common, reliable material to OEMs throughout the industry," said Lon Offenbacher, Inteva president & CEO. "Our TPE blend will give automakers a real advantage for their automotive interiors by providing an innovative material that can be utilized across a multitude of vehicle platforms." "A. Schulman is excited about the opportunity to provide TPE that is specially formulated for this process, and to partner with Inteva in bringing this new technology to the marketplace worldwide," said Joseph M. Gingo, chairman, president and CEO at A. Schulman. "This technology will be a new addition to our Invision(R) family of TPE products, and adds another innovative solution to help our customers provide industry-leading interiors." For decades, the automotive industry has produced instrument and door panels through the process of slush-molding. Originally developed for polyvinyl chloride (PVC) based materials, slush-molding produces skins that conform to tight angles and rich detail for vehicle interior surfaces. Recently, shortfalls in PVC performance have led to a high demand for non-PVC slush-moldable materials. In response to this need for more quality, safety and flexibility, and automakers' increased focus on the interior, Inteva has worked for four years on the development of leading alternative interior materials to this family of TPE blends.
A. Schulman's Invision TPE product line is separate from its Invision sheet business. For more information about Invision TPE, visit http://www.aschulman.com/invision .
About Inteva Products, LLC Inteva Products, LLC has more than 90 years of experience and expertise, empowering some of the best automotive minds in the industry with global resources supported by more than 3,600 team members in 17 facilities on three continents. Inteva designs, engineers, manufactures, and assembles Interior Systems, Cockpits, Latch and Closure Systems and Door Module and Window Lift Systems for leading OEMs around the globe. Inteva's integration capabilities provide everything from small component parts to fully integrated vehicle subsystems. Inteva is committed to execute to the highest level possible for all customers to create solutions that meet quality and technical specifications while remaining on time and on budget. For more information visit http://www.intevaproducts.com/ .
Insight. Inside. Inteva.
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 14 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, CFO and Treasurer of A. Schulman Inc., +1-330-666-3751; or Misty Matthews of Inteva Products, LLC, +1-248-655-8699, cell: +1-248-925-6176, Web site: http://www.aschulman.com/invision http://www.intevaproducts.com/ http://www.aschulman.com/
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