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 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

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

Image

ACI expanding in South Carolina

September 17, 2014 12:56 pm ET

Reprocessor and recycler ACI Plastics Inc. is expanding in South Carolina.    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 Woods 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