Top Ferro official Kirsch steps down

By Frank Esposito
Senior Staff Reporter

Published: November 14, 2012 6:00 am ET

Related to this story

Topics Materials, Suppliers

MAYFIELD HEIGHTS, OHIO (Nov. 14, 7 a.m. ET) — Ferro Corp. Chairman, President and CEO James Kirsch has resigned, less than three weeks after the specialty chemicals firm posted a third-quarter loss of more than $300 million.

Kirsch had been with Ferro since 2004 and had held the firm’s top positions since 2005, following the sudden death of Hector Ortino. Ferro executive Peter Thomas now will serve as interim president and CEO, while board member William Lawrence will serve as acting chairman. Thomas had been operating vice president of the firm’s Polymer and Ceramic Engineered Materials unit.

On Oct. 29, Ferro - based in Mayfield Heights, Ohio - reported a third-quarter loss of almost $316 million, due in large part to a severe downturn in the market for conductive pastes used in solar cells. The firm’s third-quarter sales tumbled 24 percent to less than $415 million.

Ferro ranks as one of North America’s largest polypropylene compounders, and also produces color and additive concentrates. That business has been a bit of a bright spot for Ferro this year, with nine-month profit up more than 60 percent to $12.2 million, even as sales were flat at $132.5 million. Through September, Specialty Plastics accounted for about 10 percent of Ferro’s total sales, ranking fifth among the firm’s six business units.

Ferro’s struggles have taken a toll on the firm’s per-share stock price. It began the year around $5 and reached above $7 in early February, but then began a steady descent, closing under $2.70 on Nov. 13.


Comments

Top Ferro official Kirsch steps down

By Frank Esposito
Senior Staff Reporter

Published: November 14, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Bayer MaterialScience spinoff on schedule

March 3, 2015 10:14 am ET

The head of Bayer AG said the group still must decide the details to spin off its Bayer MaterialScience plastics group this year.    More

Image

Lower oil prices will continue to impact PE, PP resin pricing

March 2, 2015 2:05 pm ET

Lower oil prices will continue to affect North American markets for polyethylene and polypropylene resin in the months ahead.    More

Image

BASF keeps innovating to drive customers

March 2, 2015 11:39 am ET

Materials giant BASF Performance Materials is keeping innovation alive with new products and processes.    More

Image

BASF earnings up despite 'disappointing economic development' for Europe

March 2, 2015 10:50 am ET

Chemicals giant BASF SE said Feb. 27 it had hit its goal for 2014, increasing earnings, “despite the disappointing economic development in...    More

Image

Borealis reports record profit for 2014

March 2, 2015 10:29 am ET

Borealis AG, the Austria-headquartered chemicals giant, announced record annual net profits, numbers the group said were boosted by improved margins i...    More

Market Reports

Flexible Packaging Trends in North America

North America represents about 30 percent of the global consumption of flexible packaging. Annual growth in this region is forecast at 4 percent during the next 5 years.

For more insight on growth opportunities, drivers of growth and the outlook for 2015, download this report.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events