A. Schulman, Inc. DEFA14A
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
(RULE 14a-101)
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE
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EXCHANGE ACT OF 1934 (Amendment
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A. Schulman, Inc.
(Name of Registrant as Specified In
Its Charter)
(Name of Person(s) Filing Proxy
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Schulman, Inc. issued the following press release. |
A. SCHULMAN URGES STOCKHOLDERS TO PRESERVE THEIR INVESTMENT BY
REJECTING RAMIUS CONFLICTED NOMINEES AND ELECTING THE COMPANYS
SLATE OF DIRECTORS
AKRON, Ohio, January 9, 2008 In advance of tomorrows Annual Meeting of Stockholders, A.
Schulman Inc. (Nasdaq: SHLM) urged stockholders to act quickly to preserve the value of their
investment by voting today for the Companys Board nominees, new CEO and current Board member,
Joseph M. Gingo, as well as independent directors James A. Karman, James A. Mitarotonda, and
independent Board nominee, Stanley W. Silverman, by submitting the WHITE proxy card by Internet or
telephone.
RAMIUS NOMINEES ARE CONFLICTED AND MAY NOT ACT IN THE BEST INTEREST OF ALL SHAREHOLDERS
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Ramius nominees are focused on Ramius own interests as evidenced by the fact
that both Messrs. Caporale and Meyer would receive a compensation bonus when Ramius exits its
holding in A. Schulman. |
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A. Schulman made a fair and balanced offer to Ramius that would allow for one of
Ramius representatives to be seated on an expanded board provided they passed through the
Companys Governance Committee. However, Ramius two Board nominees have not gone through the
Companys review process to confirm their independence. |
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We believe Ramius nominees are motivated to sell the Company, as opposed to the
Companys slate that will examine all options to create shareholder value. While the wholly
independent Special Committee of the Board is reviewing external strategic alternatives, CEO
Joseph M. Gingo will act quickly to ensure the Company has the best strategy and
infrastructure in place to take the Company forward, positioning A. Schulman for success under
all circumstances. |
A. SCHULMANS STRATEGY TO TRANSFORM ITS BUSINESS AND GROW SHAREHOLDER VALUE IS WORKING AND WILL
ACCELERATE
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The Companys turn-around plan is well underway and will be accelerated by new CEO
Joe Gingo. The plan is focused on driving more efficient and effective utilization of A.
Schulmans North American manufacturing facilities, including potential restructuring;
enhanced focus on value-added products to drive profitable growth; re-assessment of A.
Schulmans North American automotive business; ensuring accelerated market adoption of
InvisionÒ; identification of additional efficiencies in European operations; and
ensuring that the best leadership team is in place to execute upon A. Schulmans strategy.
Managements performance to plan will continue to be measured against financial metrics. |
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The Companys strategic initiatives are working, as evidenced by the positive
fourth quarter 2007 and recently announced first quarter earnings. |
ADDING TWO ADDITIONAL ACTIVIST-SUPPORTED BOARD MEMBERS CAN LEAD TO GRIDLOCK IN THE BOARD ROOM
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The termination of the relationship between activist hedge funds Barington and
Ramius demonstrates that they have opposing agendas that could lead to paralysis at a time
when the Companys changes are beginning to show results. |
A. SCHULMANS BOARD IS INDEPENDENT AND HAS MAINTAINED AN OPEN AND HEALTHY DIALOGUE WITH
SHAREHOLDERS
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A. Schulmans Board has the necessary balance of experience and fresh perspective,
with 11 of 12 Board seats being held by independent directors and five of these directors
joining the Board since 2005. |
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The Company has worked cooperatively with activist investor Barington and
attempted to settle this costly proxy fight by offering to add one Ramius representative to
the Board. |
A. Schulman has been extremely responsive to shareholders and taken significant action to address
each of their concerns including those presented by Ramius. The Company warns shareholders that
Ramius is not offering a new or different strategy for the Company. Ramius has a single-minded
agenda while the current Board is working to create shareholder value by pursuing critical internal
strategic initiatives and reviewing all external opportunities.
THE COMPANY URGES STOCKHOLDERS TO REJECT RAMIUS CONFLICTED AND
BEHOLDEN NOMINEES AND VOTE AGAINST STOCKHOLDER PROPOSAL NO. 3
ASKS STOCKHOLDER TO SUPPORT THE COMPANYS SLATE, WHICH WILL DELIVER
VALUE FOR ALL SHAREHOLDERS
If you have any questions, require assistance with voting your WHITE proxy card, or need additional
copies of proxy materials, please call Georgeson, which is assisting A. Schulman with the proxy
solicitation, at 877-668-1646.
# # #
Contacts
Paul DeSantis
CFO and Treasurer of A. Schulman Inc.
330-666-3751
Nina Devlin/Giovanna Konicke
Brunswick Group
212-333-3810
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 2,500 people and has 17
manufacturing facilities in North America and Europe (including Asia). Revenues for the fiscal
year ended August 31, 2007, were $1.8 billion. Additional information about A. Schulman can be
found at http://www.aschulman.com.
Forward-Looking Statements
Certain statements in this release may constitute forward-looking statements within the meaning of
the Federal securities laws. These statements can be identified by the fact that they do not relate
strictly to historic or current facts. They use such words as anticipate, estimate, expect,
project, intend, plan, believe, and other words and terms of similar meaning in connection
with any discussion of future operating or financial performance. These forward-looking statements
are based on currently available information, but are subject to a variety of uncertainties,
unknown risks and other factors concerning the Companys operations and business environment, which
are difficult to predict and are beyond the control of the Company.
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Important factors that could cause actual results to differ materially from those suggested by
these forward-looking statements, and that could adversely affect the Companys future financial
performance, include, but are not limited to, the following:
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Worldwide and regional economic, business and political conditions, including continuing
economic uncertainties in some or all of the Companys major product markets; |
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Fluctuations in the value of currencies in major areas where the Company operates,
including the U.S. dollar, euro, U.K. pound sterling, Canadian dollar, Mexican peso,
Chinese yuan and Indonesian rupiah; |
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Fluctuations in the prices of sources of energy or plastic resins and other raw
materials; |
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Changes in customer demand and requirements; |
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Escalation in the cost of providing employee health care; |
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The outcome of any legal claims known or unknown; and |
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The performance of the North American auto market. |
Additional risk factors that could affect the Companys performance are set forth in the Companys
Annual Report on Form 10-K. In addition, risks and uncertainties not presently known to the Company
or that it believes to be immaterial also may adversely affect the Company. Should any known or
unknown risks or uncertainties develop into actual events, or underlying assumptions prove
inaccurate, these developments could have material adverse effects on the Companys business,
financial condition and results of operations.
This release contains time-sensitive information that reflects managements best analysis only as
of the date of this release. A. Schulman does not undertake an obligation to publicly update or
revise any forward-looking statements to reflect new events, information or circumstances, or
otherwise. Further information concerning issues that could materially affect financial performance
related to forward-looking statements can be found in A. Schulmans periodic filings with the
Securities and Exchange Commission.
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