"Our vision is to become the leading global supplier of polymer additives and color concentrates. This major investment - particularly in today's unstable economic environment - underscores our commitment to growth and providing new product innovations and process support to our customers," said Joseph M. Gingo, Chairman, President and Chief Executive Officer.
As announced August 20, 2008, the plant is at the site of A. Schulman's existing distribution warehouse in Akron, where the Company's first plant was located when it opened in 1929. The facility features two new production lines, a research and development laboratory and pilot lines for three-layer blown and cast films for product evaluation and development programs with customers. The state-of-the-art extrusion lines incorporate Schulman-developed designs to capitalize on technical innovations made by its European and Mexican operations.
A. Schulman is a leader in the film and packaging markets in Europe and Mexico and seeks to model its U.S. operations after the successes it has achieved in those regions.
A. Schulman's Polybatch product line consists of specialized additives for BOPP film, polyethylene film, extrusion, injection molding and thermoforming applications, primarily geared to the packaging market. The additives enhance the performance of customers' products with features such as antimicrobial, antifogging and antistatic properties, as well as surface modification for slip and antiblocking. In addition, leading-edge advancements are expanding the Polybatch product line to offer additive solutions addressing environmental concerns in packaging applications.
About A. Schulman, Inc.
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 16 manufacturing facilities in North America and Europe (including Asia). Revenues for the fiscal year ended August 31, 2008, were $1.98 billion. Additional information about A. Schulman can be found at www.aschulman.com.
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.
Web site: http://www.aschulman.com/