US A Schulman not for sale, CEO tells analysts
Stefan Baumgarten
26-Oct-2017
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.
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