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

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

Image

Coveris changes culture, eyes IPO

November 20, 2014 1:40 pm ET

CEO Gary Masse has a simple message, and some new math, for everyone at Coveris Holdings Corp. Get on board or get out of the way.    More

Image

Total to buy majority stake in Polyblend

November 20, 2014 10:04 am ET

French oil and gas giant Total SA will buy a 68 percent stake in Germany's Polyblend GmbH, a subsidiary of Polymer-Chemie GmbH.    More

Image

Silica can replace plastic microbeads

November 19, 2014 6:00 am ET

As cosmetics and soap makers face pressure to remove plastic microbeads from their products, Evonik Industries touts its new silica-based microbeads a...    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