BERWYN, Pa.--(BUSINESS WIRE)--
Trinseo
(NYSE: TSE), a global materials company and manufacturer of plastics,
latex and rubber, announced that it will realign its business divisions,
creating two new business groups called Performance Materials and Basic
Plastics and Feedstocks.
“This new alignment of businesses better reflects the nature of our
businesses. By grouping together businesses with similar strategies and
aspirations, we can manage and operate them more effectively,” said
Chris Pappas, President and CEO of Styron. “With greater focus and
leadership alignment in these new division structures, we intend to
accelerate the growth of our Performance Materials businesses, and
optimize profitability of the Basic Plastics and Feedstocks businesses
for cash generation.”
The Performance Materials division will include the following reporting
segments: Rubber, Latex and Performance Plastics (consisting of the
Automotive and Consumer Essential Markets businesses). The Basic
Plastics and Feedstocks division will also represent a separate segment
for reporting purposes and will include the following businesses:
Styrenic Polymers (Polystyrene, ABS, SAN), Polycarbonate, and Styrene
Monomer.
Pappas announced the following changes to the executive team:
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Martin Pugh, Senior Vice President and Business President for
Plastics, has been named Senior Vice President and Business President
for Performance Materials. He will have responsibility for Rubber,
Latex, and Performance Plastics (Automotive and Consumer Essential
Markets).
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Jeff Denton, Vice President, Feedstocks and Corporate Services, has
been named Vice President for Corporate Development and Business
Services. In addition to his existing responsibilities for Supply
Chain, Information Technology, Purchasing, Customer Service, and
Facilities Management, he will add responsibility for Corporate
Development and Mergers and Acquisitions.
-
A new position, Senior Vice President and Business President for Basic
Plastics and Feedstocks, is expected to be filled in the first half of
2015. Until the position is filled, Mr. Denton will retain interim
responsibility for Feedstocks, and Mr. Pugh will have interim
responsibility for Styrenic Polymers and Polycarbonate.
-
Curt Shaw, Executive Vice President, General Counsel and Corporate
Secretary, will retire at the end of 2014. Shaw joined the company in
2010 and has had a distinguished 40-year career as an accomplished
corporate lawyer with extensive experience in the global chemicals and
materials industry. The succession process is underway.
Changes to Trinseo’s financial reporting will be effective January 1,
2015. The changes in executive roles are effective immediately except as
otherwise noted.
About Trinseo
Trinseo (NYSE:TSE) is a global materials company and manufacturer of
plastics, latex and rubber. Trinseo’s technology is used by customers in
industries such as home appliances, automotive, building & construction,
carpet, consumer electronics, consumer goods, electrical & lighting,
medical, packaging, paper & paperboard, rubber goods and tires.
Formerly known as Styron, Trinseo previously announced plans to change
the name of all Styron affiliated companies to Trinseo. Some, but not
all, of the Styron companies have completed the name change process and
are currently known as Trinseo; Styron companies that have not completed
this process will continue to do business as Styron until their
respective name changes are complete. Styron's operating companies also
continue to do business as Styron at this time.
Note on Forward-Looking Statements
This press release may contain “forward-looking statements” within
the meaning of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995. Words such as “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,”
“plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,”
“potential,” “continue,” and similar expressions are intended to
identify such forward-looking statements. Forward-looking statements in
this press release may include, without limitation, the impact of the
business alignment and other matters that involve known and unknown
risks, uncertainties and other factors that may cause results, levels of
activity, performance or achievements to differ materially from results
expressed or implied by this press release. Such risk factors include,
among others: compliance with environmental, health and safety laws;
changes in laws and regulations applicable to our business; system
security risk issues that could disrupt our internal operations or
information technology services; and the loss of customers. Additional
risks and uncertainties are set forth in the Company’s reports filed
with the United States Securities and Exchange Commission, which are
available at http://www.sec.gov/
as well as the Company’s web site at http://www.trinseo.com.
As a result of the foregoing considerations, you are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the date of this press release. All forward-looking
statements are qualified in their entirety by this cautionary statement.
The Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Legal Disclaimer
Any technical descriptions and product information provided in the
above announcement are not legally binding. The quality, price and
performance of our products will be specified in individual contracts
with our customers. Unless otherwise explicitly agreed, the official
product specification shall prevail in the form published from time to
time.
Source: Trinseo