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

Unique Tool adding equipment, jobs

October 30, 2014 1:52 pm ET

Mold maker Unique Tool & Gauge Inc., is planning to invest more than $3.5 million dollars in new equipment for its Windsor, Ontario, facility.    More

Image

PP prices rise, solid PS, PET drop

October 30, 2014 1:15 pm ET

North American polypropylene resin prices surged again in October, while regional prices for solid polystyrene and PET bottle resin continued their...    More

Image

Italian compounder opening first US plant

October 30, 2014 9:45 am ET

The song of the South has led Italian compounder So.F.Ter Group to open its first plant in the United States in Lebanon, Tenn.    More

Image

Ineos closing Barex plant, exiting business

October 29, 2014 3:58 pm ET

Materials maker Ineos Group is closing its only global Barex-brand polyacrylonitrile (PAN) resin plant in Lima, Ohio. Ineos – based in Rolle,...    More

Image

Five-axis flexibility paying off for Sepro and its customers

October 29, 2014 1:47 pm ET

French robot maker Sepro Robotique expects to generate 78 million euros ($99 million) in 2014 sales — 17 percent more than 2013 — as Sepro...    More

Market Reports

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 million dollar 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

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

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