US A Schulman not for sale, CEO tells analysts

Source: ICIS News


HOUSTON (ICIS)--A Schulman has not been put up for sale, the CEO of the US-based international supplier of plastic formulations, resins and services told analysts during the company’s fiscal 2017 Q4 earnings call on Thursday. The Wall Street Journal reported earlier this month that Schulman was exploring a sale, citing unnamed sources said to be familiar with the matter. An analyst on the Schulman call asked CEO Josef Gingo about a sale, but Gingo said that Schulman never announced that the company was for sale. "There was speculation and rumour that came through the Wall Street Journal, but I am not going to comment on speculation and rumours," he said. "We did not make an announcement of selling the company", he said. He also rejected suggestions that Schulman allegedly had said it was "looking into" a sale. During the 2017 fiscal year ended 31 August, the company announced restructuring actions to simplify its product families, optimise its back-office and support functions, as well as consolidate its manufacturing footprint. Asked about further restructuring, Gingo said while operationally Schulman "achieved stability" at its existing facilities, "I will continue to look at restructuring opportunities globally". "We will look at our foot print over the next year," he added.