A. Schulman Stockholders Elect Board of Directors, Approve Value Creation Rewards Plan at 2010 Annual Meeting |
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Schulman, A. Inc.
P.O. Box 1710
Akron, OH, 44309
USA
Press release date: December 9, 2010
Company highlights recent strategic milestones, including restored profitability in its U.S. operations and successful completion of acquisitions
AKRON, Ohio, Dec. 9, 2010 - A. Schulman, Inc. (Nasdaq: SHLM) held its 2010 Annual Meeting of Stockholders today and announced that its stockholders approved all three proposals that were under consideration.
At the meeting, Joseph M. Gingo, Chairman, President and Chief Executive Officer, reviewed the Company's global growth accomplishments during the fiscal year ended August 31, 2010. Gingo noted that the Company achieved several strategic milestones, including the restored profitability of its U.S. operations, its successful acquisitions of ICO, Inc. and McCann Color, as well as its October 2010 acquisition of Brazil-based Mash Compostos Plasticos.
"We continue to make rapid progress by expanding our global market position, improving profitability throughout our operations, delivering innovative new products and generating greater value for our shareholders," Gingo said. "We expect to continue to improve our performance throughout fiscal 2011 as we build on the foundation we have established."
Stockholders approved proposals to:
Elect the following 11 directors to one-year terms: Eugene R. Allspach, Gregory T. Barmore, David G. Birney, Howard R. Curd, Joseph M. Gingo, Michael A. McManus, Lee D. Meyer, James A. Mitarotonda, Ernest J. Novak, Irvin D. Reid and John B. Yasinsky;
Ratify the selection of PricewaterhouseCoopers LLC as the Company's independent registered public accounting firm for fiscal 2011; and
Adopt and approve the Company's 2010 value creation rewards plan for employees, directors and consultants.
Gingo added, "In our continuing commitment to corporate governance best practices, we have judiciously reduced the number of directors to 11 from 13 to more closely align the Board's composition with our evolving business operations and stockholder interests. As a result, Michael Caporale and Stanley Silverman have stepped down from the Board. We thank Messrs. Caporale and Silverman for their valuable contributions and counsel during their service on the Board."
About A. Schulman, Inc.
Headquartered in Akron, Ohio, A. Schulman is a leading international supplier of high-performance plastic compounds and resins. These materials are used in a variety of consumer, industrial, automotive and packaging applications. The Company employs about 2,900 people and has 37 manufacturing facilities in North America, South America, Europe and Asia. A. Schulman reported net sales of $1.6 billion for the fiscal year ended August 31, 2010. Additional information about A. Schulman can be found at www.aschulman.com.
SOURCE A. Schulman, Inc.
CONTACT:
Jennifer K. Beeman,
Director of Corporate Communications & Investor Relations,
A. Schulman, Inc.,
+1-330-668-7346,
Jennifer_Beeman@us.aschulman.com
Web Site: http://www.aschulman.com
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