A. Schulman (SHLM) Taps Citi to Aid in Comprehensive Review of Business Plan, Other Items

September 13, 2016 4:17 PM EDT

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The Board of Directors of A. Schulman, Inc. (Nasdaq: SHLM) announced that it has retained Citi to assist the Company with its previously announced comprehensive review of its business plan, as well as near- and longer-term global end market trends. The Executive Committee of A. Schulman's Board made the decision to select Citi after vetting a number of leading advisory firms.

"Citi's deep understanding of A. Schulman's businesses, as well as expertise in financial analysis, made them an excellent and impartial partner," said Joseph M. Gingo, chairman, president and chief executive officer of A. Schulman. "We look forward to working with them as we restore A. Schulman's operational and financial performance worldwide to the sustainable levels our shareholders previously realized and expect of us going forward."

Gingo reiterated that he is committed to conducting a deliberate and unbiased assessment as promptly as practical. "We will not speculate on any potential outcomes from this assessment or the timetable for it. The goal is to verify our market intelligence, refine our vision and improve our execution," he said

The Company expects to release fiscal 2016 fourth-quarter and full-year results after the market closes on Wednesday, October 26, 2016. The Company will hold its fiscal 2016 fourth-quarter and full-year earnings conference call on Thursday, October 27, 2016 at 10 a.m. Eastern time.

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