Industry and war vet Charles Gitto Jr. dies at 80

By Frank Esposito
Senior Staff Reporter

Published: November 2, 2012 6:00 am ET

Related to this story

Topics Materials, Suppliers

FITCHBURG, MASS. (Nov. 2, 3:40 p.m. ET) — Longtime plastics compounding executive Charles Gitto Jr. passed away Oct. 26 at age 80.

Gitto Jr. was a native of Fitchburg who served as a U.S. Marine in the Korean War. After his military service, he earned a degree from Clark University in Worcester, Mass. Gitto Jr. then worked in sales for Great American Chemical Co. and for Lynn Plastics, an early PVC compounder in Lynn, Mass. He next founded PVC compounder Abbott Industries, but sold that firm in 1979 to join his brother Samuel Gitto in launching Gary Chemical Corp. in Leominster, Mass.

Gary Chemical developed, produced and marketed PVC compounds, primarily for the footwear and wire and cable markets. Gitto sold Gary Chemical to Evode Ltd. in 1989. Evode renamed the firm AlphaGary Corp. It later was owned by Rockwood Holdings Inc., which sold it to Mexichem SAB de CV last year.

After selling Gary Chemical, Gitto owned Pace Wire and Cable in Pepperell, Mass., before re-entering the compounding market in 1990 with Gitto Corp. in Lunenburg, Mass. That business later merged with another firm to become Gitto Global Corp.

The latter years of Charles Gitto Jr.’s career were marred by a financial scandal that enveloped Gitto Global. That scandal resulted in his being indicted in 2008 on federal charges of conspiracy and wire fraud. Five other Gitto Global officials — including Gitto’s son, Gary, whom Gary Chemical was named for — also were indicted. Federal officials claimed that the firm’s executives used company funds for their own personal use, eventually running up corporate debt of more than $50 million.

Gitto Global had filed for bankruptcy in 2004. At that time, an attorney for Gitto Jr. told Plastics News that Gitto wasn’t involved with the firm and that his title of chairman was only an honorary title. Gitto Jr. did own Tradex Corp., a firm that owned the building and land that housed Gitto Global. Tradex filed for bankruptcy in 2005.

In late 2010, Gitto Jr. was dismissed from the case against him because medical conditions prevented him from being able to assist in his own defense.

While in the military, Gitto Jr. won a National Defense Service Medal and three others. He later won numerous awards for his involvement in civic affairs in the Leominster area.

Gitto Jr. served on the Board of Trustees at St. Anselm’s College in Manchester, N.H. He and his family also donated to fund a science lab and study room at Boston College in Chestnut Hill, Mass.


Comments

Industry and war vet Charles Gitto Jr. dies at 80

By Frank Esposito
Senior Staff Reporter

Published: November 2, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Bayer spinning off plastics business

September 18, 2014 8:49 am ET

Bayer AG will spin off its MaterialScience plastics group into a separate, publicly-traded company within the next 12 to 18 months.    More

Image

Investor group wants DuPont to split in two

September 18, 2014 7:37 pm ET

Investment firm Trian Fund Management LP is calling for plastics and chemicals giant DuPont Co. to split itself into two firms, one of which would...    More

Image

Minnesota receives grant to help develop new bioplastics

September 17, 2014 4:08 pm ET

The University of Minnesota has received a $20 million grant to fund the development of new types of bioplastics.    More

Image

China's Polymax Elastomer launches U.S. production in Illinois

September 17, 2014 3:35 pm ET

Chinese materials maker Polymax Elastomer Technology Co. Ltd. has opened a North American production site and headquarters in Waukegan, Ill.    More

Image

PolyOne helps nonprofit get water purification to more places in need

September 17, 2014 1:59 pm ET

Resin giant PolyOne Corp. is teaming up with WaterStep, a non-profit water purification agency, to help the group assist a greater number of disaster ...    More

Market Reports

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook – North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events