October 4, 2017 / 3:34 PM / a year ago

UPDATE 1-Plastics company A Schulman exploring sale - WSJ

(Adds background)

Oct 4 (Reuters) - Plastics company A Schulman Inc is exploring a sale, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

Shares of the company, which has a market value of about $1 billion, were up 4.6 percent at $37.49 in late morning trading.

The company is working with Citigroup Inc on the sale process, which is in its early stages, the WSJ reported. (on.wsj.com/2xf6lRT)

The company - which supplies plastic compounds and resins used in packaging, construction and electronics - had $880.4 million in debt as of May 31, according to its latest SEC filing.

A Schulman lowered its forecast for full-year adjusted earnings in July, citing margin pressure in its European business due to higher raw materials costs.

The Akron, Ohio-based company was not immediately available for comment. (Reporting by Arunima Banerjee in Bengaluru; Editing by Arun Koyyur and Anil D'Silva)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below