Trinseo Realigns Business Divisions and Announces Executive Leadership Changes
Berwyn, PA - Wednesday, October 8, 2014Trinseo (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:
- 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).
- 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 Styron
Styron is a leading global materials company and manufacturer of plastics, latex and rubber, dedicated to collaborating with customers to deliver innovative and sustainable solutions. Styron’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. Styron had approximately $5.3 billion in revenue in 2013, with 19 manufacturing sites around the world, and approximately 2,100 employees. More information can be found at www.styron.com.
Forward-Looking Statements
This release may contain "forward-looking statements," which include information concerning the company's plans, objectives, goals, strategies, future revenues or performance, capital expenditures, financing needs and other information that is not historical information. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the company will realize these expectations or that these beliefs will prove correct.
