TRINSEO
Frank Bozich will be new CEO / Q4 profit warning issued / Job cuts at Synthetic Rubber business
Trinseo (Berwyn, Pennsylvania / USA; www.trinseo.com) named Frank Bozich its new president and CEO a week after the styrenics producer warned it would again miss its quarterly financial targets in 2018. Bozich succeeds Christopher Pappas effective 4 March 2019. Pappas, who will retire after nine years at the helm, will become special adviser to the CEO to support a smooth transition.

Bozich has been CEO of speciality chemical company SI (Schenectady, New York / USA; www.siigroup.com) since 2013. Prior to SI, he held various positions at BASF, Engelhard, Rohm and Haas, Croda Adhesives and Apex Adhesives.

Trinseo separately announced its fourth quarter 2018 financial results would be below its guidance due to rapidly declining feedstocks prices. It now expects net income at between a loss of USD 3m and a profit of USD 1m. Adjusted EBITDA is estimated at USD 63-67m.

The profit warning came barely three months after it slashed its fourth-quarter forecasts on 8 November 2018 and missed its own third-quarter targets. At that time, the company said Q4 net income would be at USD 55-63m. Adjusted EBITDA was pencilled in at USD 110-120m – see Plasteurope.com of 20.11.2018.

The lower feedstocks prices are expected to have a negative “net timing impact” of around USD 28m in Feedstocks and Polystyrene, with the unfavourable effect reflected on the pretax profit level. Results would also be affected by China’s economic slowdown, the weakness in the automotive market, a styrene plant outage in Terneuzen / The Netherlands and job cuts at its Synthetic Rubber segment. Trinseo will disclose its fourth-quarter results on 14 February 2019.
06.02.2019 Plasteurope.com [241683-0]
Published on 06.02.2019
Trinseo: Frank Bozich wird neuer CEOGerman version of this article...

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