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

Small is beautiful in Nissei's newest press

November 21, 2014 2:14 pm ET

Responding to customer demand for flexibility, Japanese plastics-equipment manufacturer Nissei Plastic Industrial Co. Ltd. is demoing a caster-...    More

Image

Three advancements have driven injection molding technology

November 21, 2014 6:00 am ET

Injection molding technology has made major advances in the last 25 years, from largely a world of shoot-and-ship to doing as much as possible at the ...    More

Image

Renners leaving Sumitomo (SHI) Demag

November 21, 2014 10:01 am ET

Christian Renners is leaving injection molding press manufacturer Sumitomo (SHI) Demag Plastics Machinery GmbH, the company announced Nov. 21.    More

Image

Dow reaches agreement with Third Point

November 21, 2014 9:11 am ET

Dow Chemical Co. has reached an agreement with the investment firm that has been trying to force the company to sell off some assets.More

Image

Ineos making its UK shale play

November 21, 2014 9:29 am ET

Chemical giant Ineos Group AG is planning to be the biggest player in the United Kingdom's shale gas industry.    More

Market Reports

Plastics in Brazil - State of the Industry Report

This in-depth report examines the Brazilian plastics industry from a historical and geographical context. Our analysts provide insight on economic trends and forecasts, growing manufacturing sectors that utilize plastics, private investment opportunities, market environment challenges, and innovations in R&D.

Data tables and charts on producer prices, trade, plastics production and end market indicators is also included.

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

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Upcoming Plastics News Events

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

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

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

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

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events