Ferro reschedules annual meeting for May 22

By Frank Esposito
Senior Staff Reporter

Published: May 15, 2013 10:51 am ET
Updated: May 15, 2013 10:53 am ET

Related to this story

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

MAYFIELD HEIGHTS, OHIO — Specialty chemicals and plastics maker Ferro Corp. has delayed its annual meeting from May 15 to May 22 to allow shareholders more time to consider a revised slate of candidates for the firm’s board of directors.

Earlier this month, officials with Mayfield Heights, Ohio-based Ferro and with a group of dissident shareholders agreed to a slate consisting of current Ferro board member Ronald Vargo and shareholder candidates Jeffry Quinn and David Lorber.

Quinn and Lorber were nominated by a shareholders’ group that includes FrontFour Capital Group of Stamford, Conn., and Quinpario Partners LLC of St. Louis. The group has criticized Ferro management for the firm’s recent poor financial performance. Ferro lost almost $400 million in 2012, leading to the late-year resignation of CEO James Kirsch.

Quinn formerly was president, chairman and CEO of specialty chemicals and plastics maker Solutia Inc. of St. Louis. He’s now one of four general partners in Quinpario.

Ferro also continues to resist a takeover offer from compounder and concentrate maker A. Schulman Inc. of Fairlawn, Ohio. Schulman on March 4 made a $6.50 per-share bid for Ferro that valued the firm at about $850 million. Ferro’s board later described the offer as “a low-ball acquisition proposal.”

On March 1 — the last business day before the Schulman offer — Ferro’s per-share stock price was at $5.20. Schulman’s interest has helped push the stock upward. It was at $7.10 per share in late trading May 14.

Ferro posted a profit of about $900,000 in the first quarter of 2013 - down about 75 percent from the same quarter in 2012. The firm’s first-quarter sales fell 10 percent to $417 million in the same comparison. Ferro derives about 30 percent of its sales from plastics-related businesses, including polypropylene compounding.

The re-scheduled annual meeting will be held at Ferro’s Posnick Center of Innovative Technology in Independence, Ohio.


Comments

Ferro reschedules annual meeting for May 22

By Frank Esposito
Senior Staff Reporter

Published: May 15, 2013 10:51 am ET
Updated: May 15, 2013 10:53 am ET

Post Your Comments


Back to story


More stories

Image

Sabic: Rapid demand growth led to Ultem shortage

December 18, 2014 12:06 pm ET

Sabic Innovative Plastics has been increasing production capacity for its Ultem polyetherimide but it still got caught short by increasing demand for ...    More

Image

Amcor buys Chinese flexible packaging plant

December 18, 2014 1:47 pm ET

Australian-based global packaging company Amcor Ltd. is buying a Chinese flexible packaging business for 211 million RMB (US$31.4 million).    More

Image

Indian auto parts maker set to buy assets in Germany, Mexico

December 18, 2014 10:35 am ET

Indian auto parts maker Samvardhana Motherson Gropup is buying the assets of insolvent German plastics car parts producer Scherer & Trier (S&T).    More

Image

Sweden's Indutrade buys Belgian packaging firm Verbeek

December 18, 2014 9:42 am ET

Sweden's Indutrade AB has purchased all the shares in Belgium's Verbeeck Packaging Group.    More

Image

Röchling buys two UK firms

December 18, 2014 9:24 am ET

Germany's Röchling Engineering Plastics SE & Co. KG has expanded its presence in the high-performance plastics market by acquiring two British firms &...    More

Market Reports

Flexible Packaging Trends in North America

Our latest RESEARCH report examines trends in FLEXIBLE PACKAGING impacting the North American market including a review of economic conditions, key drivers of growth, materials pricing, M&A activity, sustainability challenges and the outlook for 2015.

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

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