Commenting on the situation, President and CEO George Abd stated, "While this is certainly a difficult situation for an important customer, Spartech has made plans for this possibility for several months and expects no material Accounts Receivable impact as a consequence of the filing. We will continue to work with Delphi as they move forward with their restructuring efforts and will maintain our efforts to develop innovative product solutions to meet their and their customer's requirements."
Delphi is one of Spartech's five largest customers but represents less than 3% of the Company's annual sales.
Spartech Corporation is a leading producer of engineered thermoplastic sheet materials, polymeric compounds and concentrates, and engineered product solutions. The Company has 43 facilities located throughout the United States, Canada, Mexico, and Europe with sales of more than $1.3 billion, annually.
Safe Harbor For Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that relate to future events and expectations. Forward-looking statements include those containing such words as "expects," "will," and similar expressions. 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 may cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements. As related to this press release, these include without limitation risks related to the Delphi bankruptcy including the terms of their restructuring plan and the risks that it will be successful. Spartech assumes no duty to update its forward-looking statements.
CONTACT: George A. Abd, President and Chief Executive Officer,
+1-314-721-4242, and Randy C. Martin, Executive Vice President and Chief
Financial Officer, +1-314-721-4242, both of Spartech Corporation
Web site: http://www.spartech.com//