After sale, ex-Tyco unit has new name
PRINCETON, N.J. - The plastics and adhesives business of Tyco International has a new name after Apollo Management LP of New York finalized its purchase Feb. 15.
The film-making and thermoforming business now will be known as Covalence Specialty Materials Corp., officials said in a Feb. 16 news release. Terry Sutter was named president and chief executive officer. Marvin Schlanger, former president and chief executive officer of Arco Chemical Co. of Newtown Square, Pa., was named chairman.
Apollo agreed in December to pay $975 million in cash for Pembroke, Bermuda-based Tyco's Plastics and Adhesives and Ludlow Coated Products businesses.
Covalence, based in Princeton, employs 7,125 at 38 manufacturing facilities, primarily in the United States but also in Canada, Mexico, Belgium, South Korea and India.
PolyOne Corp. picks new president, CEO
AVON LAKE, OHIO - PolyOne Corp. has chosen a new chairman, president and chief executive officer some four months after the resignation of former President and CEO Thomas Waltermire.
Stephen D. Newlin will begin leading the polymer compounding and distribution company effective Feb. 21, PolyOne announced Feb. 14. He has been president of the industrial sector for Ecolab Inc., a major provider of sanitizing and related products and services based in St. Paul, Minn.
Newlin, 53, has a strong background in sales and marketing, especially in customer support through value-added products and services, according to PolyOne. His experience also encompasses international operations, mergers and acquisitions, integration, and change management. Prior to joining Ecolab, Newlin spent 23 years with Nalco Chemical Co., a specialty chemical firm in Naperville, Ill.
PolyOne Chairman William Patient has been the firm's CEO since Waltermire's departure Oct. 7. When Newlin starts, Patient will assume the newly created position of lead director of the board for the Avon Lake firm.
Mannesmann considers selling Billion
MUNICH, GERMANY - A management group at injection molding machinery firm Billion SA, based in Bellignat, France, wants to buy the company from Mannesmann Plastics Machinery GmbH, according to a report from Europe.
Billion Chief Executive Officer Korbinian Kiesl said he expects the deal will be finalized within several days, Plastics and Rubber Weekly reported in a story it published Feb. 17 on its Web site.
MPM spokesman JÃ¶rg Hettmann said in a Feb. 17 e-mail that his firm is currently negotiating with various interested parties regarding a sale of Billion.
``When and whether we sell MPM subsidiary Billion is still open,'' Hettmann noted in the e-mail. He added that Munich-based MPM expects to make a decision within a month.
Kiesl spoke with PRW at the Plast'06 show in Milan, Italy. Billion incurred a loss in its 2004-05 fiscal year on sales of 33 million euros (about $41.1 million), PRW reported. The French market for injection presses, in which Billion has the biggest share at 15 percent, dropped to 600 machines in 2005 from 890 machines in the previous year, according to the report. Billion's results improved for the first five months of its current year.
Hettmann said MPM announced at the Fakuma trade show last fall that it is looking at selling subsidiaries with annual sales of less than 200 million euros ($237.6 million).
Newell keeps interim president for post
SANDY SPRINGS, GA. - Newell Rubbermaid Inc. has appointed interim President Mark Ketchum permanently to the post.
The Sandy Springs-based consumer products firm announced Ketchum's appointment Feb. 14. Ketchum stepped in for the interim after Joe Galli resigned in October.
Ketchum is a 33-year veteran of Cincinnati-based consumer products giant Procter & Gamble Co., where he most recently served as president of global baby and family care. According to Newell, he led the global repositioning and turnaround of the Pampers brand.