AKRON, Ohio, April 9, 2012 /PRNewswire/ --
- Move will provide more modern, efficient space for corporate and U.S. headquarters
- Akron area staff to be consolidated into one location
- Company agrees to sell existing Fairlawn headquarters building to developer
- Product Technology Center also will be relocated as part of this initiative
A. Schulman, Inc. (Nasdaq-GS: SHLM) announced today that it will move its corporate headquarters to a new location in Fairlawn, Ohio. The new building is approximately two miles from the Company's current headquarters in Fairlawn and will be the cornerstone of the new Fairlawn Corporate Park. The Company will lease the building from Landridge Development of Fairlawn, Ohio, and has agreed to sell its existing headquarters building to the same developer.
"We are excited to move to a new building that will more efficiently accommodate all of our corporate staff and will serve as our U.S. headquarters. We are thrilled that we will be able to remain in Fairlawn," said Joseph M. Gingo, Chairman, President and Chief Executive Officer. "Our new headquarters will serve as our global base to support the strategic expansion of our business in markets around the world."
"A. Schulman has been a stellar corporate citizen, and its decision to remain in Fairlawn is outstanding news for our community," said Fairlawn Mayor William Roth. "We will continue to work with companies like A. Schulman and developers like Landridge to improve and preserve our quality of life and strengthen Fairlawn's reputation as a great place for both family and business."
The move is expected to take place in calendar 2013. The new building will be 34,000 square feet and will house approximately 130 employees. It will serve as A. Schulman's global corporate headquarters as well as its U.S. headquarters. The Company also plans to relocate associates from its Akron Product Technology Center to the new building as well as to its current Akron manufacturing facility. The Company expects to sell the Product Technology Center building in the future. The Company plans to use the proceeds of the sale of its existing headquarters building to support its continuing growth initiatives, including capital investments.
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 3,100 people and has 36 manufacturing facilities globally. A. Schulman reported net sales of $2.2 billion for the fiscal year ended August 31, 2011. 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 or countries where the Company has operations;
- 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 global automotive 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 for the fiscal year ended August 31, 2011. 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.
SOURCE A. Schulman, Inc.