Aug. 5, 2008, Richmond, VA -- Alloy Polymers, Inc., a U.S. plastics compounder, today announced that its board of directors has appointed Charles M. Chiappone as the company's Chief Executive Officer. The appointment is the result of Alloy Polymer's ongoing succession planning process and is effective immediately. In addition, Chiappone will also retain the title of President.
Since joining the company in September 2006 as President and COO, Mr. Chiappone has been instrumental in improving operational efficiencies, building a new leadership team, expanding the company's service offering and developing and executing the company's acquisition strategy which resulted in Alloy Polymers' recent acquisition of A. Schulman, Inc.'s Orange Texas compounding facility.
“It is an honor to build on the great legacy of Alloy Polymer's founders, Executive Chairman and major shareholder Kamini Pahuja and the late Subhash Pahuja,” says Chiappone. “I am excited with the opportunity before us – the company is well positioned for growth, with a broad array of service capabilities, a significant geographic footprint and committed, talented employees.”
Mr. Chiappone has a clear vision for the future of Alloy Polymers. “More than delivering pellets to our customers, Alloy Polymers will leverage its deep understanding of our industry and how we can best service the needs of our customers to continually raise the bar on service and quality,” says Chiappone. “It's all about providing our clients with added value that solves their business needs, whether that may be seamless integrating with our customers' supply chains, accommodating specialized warehouse and packaging needs, or product testing to ensure quality, uniformity and consistency.”
“In the short time Charlie has been with Alloy Polymers, he has made significant accomplishments and demonstrated strong leadership,” stated Kamini Pahuja. “Under his direction and guidance Alloy Polymers can take advantage of opportunities in the changing landscape of the North America plastics industry.” With the promotion of Mr. Chiappone to CEO, Ms. Pahuja will focus her energies on growing Alloy Polymers in emerging markets such as Asia and Middle East as well as building stronger owner relationships with Alloy Polymer's key customers, partners and investors.
Mr. Chiappone's career spans more than 20 years and includes diverse functional and global P&L experience with GE and SPX Corporation. He holds a Bachelor of Science degree in marketing and management from Siena College and an MBA from Northwestern University's Kellogg Graduate School of Management.
Alloy Polymers recently announced the acquisition of A. Schulman, Inc.'s Orange, Texas, toll-compounding facility. The acquisition positions Alloy Polymers to meet the rising demands of its customers, expanding the company's compounding capacity by more than 100 million pounds and immediately enabling additional service capabilities that include blending, break-bulk repackaging, high-speed bagging, and distribution services.
About Alloy Polymers, Inc.
Alloy Polymers is a leading U.S. independent plastics compounder based in Richmond, Va. The company, which does not market any of its own proprietary products, has four facilities in Texas, Ohio and Virginia with total capacity in excess of 600 million pounds. Its services support a wide variety of customers in the plastics industry. Its application expertise spans a broad spectrum of applications including fiber grade, food grade, TPO compounds for automotive, medical device compounds and carbon black, nigrosine and electrical compounds.
For more information about Alloy Polymers please visit http://www.alloypolymers.com.
Contact: RENEÃ‰ HEWITT