A. Schulman hires Citi to help with business plan review

A. Schulman Inc. has hired Citi to help the Fairlawn polymer company with its business plan review and a look at global market trends.
A. Schulman, which makes powders, engineered plastics and composites, and other related materials, said it hired Citi after looking at a number of advisory firms.
“Citi’s deep understanding of A. Schulman’s businesses, as well as expertise in financial analysis, made them an excellent and impartial partner,” Joseph M. Gingo, chairman, president and chief executive officer of A. Schulman, said in a statement. “We look forward to working with them as we restore A. Schulman’s operational and financial performance worldwide to the sustainable levels our shareholders previously realized and expect of us going forward.”
Gingo announced the business plan review after he was rehired in August as CEO after A. Schulman on Aug. 12 unexpectedly reduced its earnings outlook for the full year. Schulman stock plunged on the news. Then-CEO Bernie Rzepka resigned shortly afterward.
Gingo was board chairman at the time; he was first hired as A. Schulman’s CEO in 2008 after a long career at Goodyear Tire & Rubber Co. Rzepka, a longime A. Schulman executive, succeeded Gingo as CEO at the start of 2015, with Gingo moving to board chairman.
Gingo said he is committed to conducting a deliberate and unbiased assessment as promptly as practical.
“We will not speculate on any potential outcomes from this assessment or the timetable for it,” he said. “The goal is to verify our market intelligence, refine our vision and improve our execution.”
The company intends to release fiscal 2016 fourth-quarter and full-year results after the market closes on Oct. 26, followed by an earnings conference call 10 a.m. Oct. 27.