A. Schulman Hires UBS to Mull Options
March 17, 2008
According to the Associated Press, plastics and resins maker A. Schulman Inc. said recently its board has retained UBS Investment Bank as its financial adviser to explore alternatives, including an acquisition or sale of the company.
Last month, the company said it would close a Canadian plant and seek a buyer for a Texas facility. Following those moves, A. Schulman will own four manufacturing plants in North America, two supporting the automotive and industrial markets and two supporting the packaging market.
Additionally, a third packaging plant is due to start production in Findlay, Ohio, by December 2008.
In January, the company said it expected cost cuts at its North American operations to offset expected pressures from high oil prices and poor auto sales in 2008.
A. Schulman reported net income of $22.6 million on revenue of $1.79 billion in fiscal 2007. The company has about 2,400 employees.