AKRON, Ohio, Dec. 9, 2010 /PRNewswire-FirstCall/ -- A. Schulman, Inc. (Nasdaq: SHLM) held its 2010 Annual Meeting of Stockholders today and announced that its stockholders approved all three proposals that were under consideration.
At the meeting, Joseph M. Gingo, Chairman, President and Chief Executive Officer, reviewed the Company's global growth accomplishments during the fiscal year ended August 31, 2010. Gingo noted that the Company achieved several strategic milestones, including the restored profitability of its U.S. operations, its successful acquisitions of ICO, Inc. and McCann Color, as well as its October 2010 acquisition of Brazil-based Mash Compostos Plasticos.
"We continue to make rapid progress by expanding our global market position, improving profitability throughout our operations, delivering innovative new products and generating greater value for our shareholders," Gingo said. "We expect to continue to improve our performance throughout fiscal 2011 as we build on the foundation we have established."
Stockholders approved proposals to:
- Elect the following 11 directors to one-year terms: Eugene R. Allspach, Gregory T. Barmore, David G. Birney, Howard R. Curd, Joseph M. Gingo, Michael A. McManus, Lee D. Meyer, James A. Mitarotonda, Ernest J. Novak, Irvin D. Reid and John B. Yasinsky;
- Ratify the selection of PricewaterhouseCoopers LLC as the Company's independent registered public accounting firm for fiscal 2011; and
- Adopt and approve the Company's 2010 value creation rewards plan for employees, directors and consultants.
Gingo added, "In our continuing commitment to corporate governance best practices, we have judiciously reduced the number of directors to 11 from 13 to more closely align the Board's composition with our evolving business operations and stockholder interests. As a result, Michael Caporale and Stanley Silverman have stepped down from the Board. We thank Messrs. Caporale and Silverman for their valuable contributions and counsel during their service on the Board."
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 2,900 people and has 37 manufacturing facilities in North America, South America, Europe and Asia. A. Schulman reported net sales of $1.6 billion for the fiscal year ended August 31, 2010. Additional information about A. Schulman can be found at www.aschulman.com.
Cautionary Note on Forward-Looking Statements
A number of the matters discussed in this document that are not historical or current facts deal with potential future circumstances and developments and may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historic or current facts and relate to future events and expectations. Forward-looking statements contain 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. 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. 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;
- the effectiveness of the Company's efforts to improve operating margins through sales growth, price increases, productivity gains, and improved purchasing techniques;
- competitive factors, including intense price competition;
- fluctuations in the value of currencies in major areas where the Company operates;
- volatility of prices and availability of the supply of energy and raw materials that are critical to the manufacture of the Company's products, particularly plastic resins derived from oil and natural gas;
- changes in customer demand and requirements;
- effectiveness of the Company to achieve the level of cost savings, productivity improvements, growth and other benefits anticipated from acquisitions and restructuring initiatives;
- escalation in the cost of providing employee health care;
- uncertainties regarding the resolution of pending and future litigation and other claims;
- the performance of the North American auto market; and
- further adverse changes in economic or industry conditions, including global supply and demand conditions and prices for products.
The risks and uncertainties identified above are not the only risks the Company faces. Additional risk factors that could affect the Company's performance are set forth in the Company's Annual Report on Form 10-K and the most recent Form 10-Q. 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 document contains time-sensitive information that reflects management's best analysis only as of the date of this document. The Company 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 the Company's periodic filings with the Securities and Exchange Commission.
SOURCE A. Schulman, Inc.