A. Schulman board gains option to extend Gingo's contract if Ferro bid succeeds

Published: April 4, 2013 1:30 pm ET
Updated: April 4, 2013 3:29 pm ET

Image By: Plastics News Joseph Gingo

Related to this story

Topics Materials, Mergers & Acquisitions, Materials Suppliers, Compounding
Companies & Associations A. Schulman Inc., Ferro Corp.

FAIRLAWN, OHIO — A. Schulman Inc. has announced two promotions and its board has gained the option of extending the contract of the company's head man, Joseph Gingo, should A. Schulman's hostile takeover bid for specialty chemical maker Ferro Corp. succeed.

The Fairlawn-based compounder and distributor said Bernard Rzepka has been promoted to the role of executive vice president, chief operating officer. In this new position, Rzepka will implement corporate strategy and growth plans within the global operations organization "and further excellence in the company's procurement and marketing organizations," A. Schulman said.

As a result of the promotion, the company's global supply chain and chief procurement officer, chief marketing officer, and the three regional vice presidents and general managers now will report to Rzepka. Rzepka will report directly to Gingo, the company's chairman, president and CEO.

Rzepka most recently served as vice president and general manager, Europe, Middle East, Africa (EMEA) for A. Schulman. After earning a degree in engineering and spending five years at ICI Advanced Materials, Rzepka joined A. Schulman in 1992. He held a variety of technology and commercial management positions with the company before assuming his current role in 2008.

"Bernard's experience leading EMEA, which is our largest division, makes him well-qualified to head our global operations," Gingo said. "With Bernard aptly at the helm of our operations, I can continue to seek out opportunities to further grow A. Schulman's core business while exploring avenues to become a premier specialty chemical organization."

The company also announced that Heinrich Lingnau will replace Rzepka as vice president and general manager, EMEA. Lingnau also will keep his current responsibilities as Masterbatch Solutions Business Unit leader "for the short term," the company said.

Lingnau joined A. Schulman in 1999 after working for 11 years at DuPont. He was a regional business leader in engineered plastics with A. Schulman before transitioning into various management-level positions within the company's European operations.

Besides the two promotions, the company announced that its board has negotiated an agreement that gives the board the option of extending Gingo's employment contract as CEO for up to two years "in the event of a transformational acquisition in the specialty chemical space such as the recently proposed Ferro acquisition."

As announced March 4, A. Schulman made an unsolicited proposal to the Ferro board to acquire all of Ferro's stock outstanding for $6.50 a share in cash and A. Schulman stock. Ferro's board has rejected the offer.


Comments

A. Schulman board gains option to extend Gingo's contract if Ferro bid succeeds

Published: April 4, 2013 1:30 pm ET
Updated: April 4, 2013 3:29 pm ET

Post Your Comments


Back to story


More stories

Image

Accella buys IPS Polymer Systems

March 3, 2015 5:26 pm ET

Accella Performance Materials Inc. is acquiring IPS Polymer Systems Inc. to expand the firm's growing polyurethane operation.    More

Image

Best Places To Work: No. 3, Sun Plastech Inc.

March 3, 2015 2:25 pm ET

Sun Plastech Inc., No. 3 on Plastics News' Best Places to Work ranking, offers so many interesting benefits and perks, it's hard to know where to...    More

Image

Coveris sees 'common culture' form after mergers, acquisitions

March 3, 2015 11:37 am ET

Coveris Holdings Corp. is a mega-rollup in packaging, a major international player, said Robert Larson, president of Coveris' Food and Consumer North ...    More

Image

Bayer expands with acquisition of Germany's Thermoplast Composite

March 3, 2015 10:59 am ET

Bayer AG's Bayer MaterialScience LLC has bought composite materials specialist Thermoplast Composite GmbH based near Nuremberg, Germany.    More

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

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