PITTSFIELD, Mass.--(BUSINESS WIRE)--March 25, 2002-- New Business to Retain LNP Engineering Plastics Name; Will Offer Customers Global Capability for Compounded Materials
-- Bob Schulz Named Chairman; Charles Crew Named President and
Chief Executive Officer --
GE Plastics, a unit of General Electric Company (NYSE:GE) with headquarters here, announced today that it has completed the transaction to acquire LNP Engineering Plastics from Kawasaki Steel Corporation of Japan, creating a new global business that offers customers unparalleled excellence in compounded plastics.
"The creation of this new global entity has exciting implications for customers and for our business," said Yoshiaki Fujimori, President and Chief Executive Officer of GE Plastics. "The focus both companies have on customers, technology, manufacturing excellence and services brings greater value to our customers. LNP employees, with their energy and expertise, will greatly strengthen our ability to serve the marketplace."
The new business entity will retain the LNP Engineering Plastics name, and will be comprised of the acquired LNP assets and GE Plastics' Custom Engineered Products (CEP) business. LNP Engineering Plastics will operate as a separate business within GE Plastics, and will continue to have its headquarters at Exton, Pa. With the addition of CEP personnel and resources, the business unit will have about 1,100 employees at 12 locations in eight countries.
As part of the creation of the new business, Fujimori today announced that Bob Schulz, who previously led LNP as President and Chief Executive Officer, has been named Chairman of LNP. "Bob's leadership has been instrumental in the continuing success of LNP, and he will play an important part in the transition of the business to GE Plastics."
"LNP has great people and a long history of success in serving the needs of customers," says Schulz. "The ability of LNP to offer customers the resources and expertise of GE Plastics will only enhance that success."
LNP Engineering Plastics will continue to offer LNP and GE CEP product lines -- cost-effective, high-performance thermoplastic compounds -- and to help customers bring value to their products by refining the effects of base resins through electrical and thermal activity, lubricity, structural strength, dimensional stability, and color accuracy, among other attributes.
In conjunction with the appointment of Schulz, Fujimori also announced that Charles E. "Charlie" Crew has been named President and Chief Executive Officer of LNP Engineering Plastics. Previously, Crew served as President and Senior Managing Director of GE Plastics Europe.
"Charlie's passion for customer satisfaction and his broad experience in GE Plastics and the industry will be of great benefit to our new LNP customers and employees as we integrate the two businesses," says Fujimori.
Crew commented, "LNP has a great reputation for technology and customer focus. Coupled with the global resources of GE Plastics, the LNP of the future will be even better positioned to help customers grow and employees thrive. Our newly integrated business will open exciting new opportunities for growth."
During his nearly 25-year career at GE Plastics, Crew has served in a number of key commercial leadership positions including vice president and general manager of European commercial operations, and vice president and general manager of Americas commercial operations and global quality. He is a Vice President of General Electric, and a graduate of Villanova University, Pennsylvania, where he earned a degree in marketing.
GE Plastics is the world's leading producer of engineering thermoplastics, with major production facilities worldwide. GE Plastics materials, including LEXAN(R) polycarbonate, are used in a wide variety of applications such as CDs, automobile parts, computer housings, cookware, outdoor signage, cell phones, bullet resistant shielding and building materials. The company is also a global distributor of resins through GE Polymerland, and of sheet, film, rod and tube products through GE Polymershapes and GE Structured Products. The company's Web site is located at www.geplastics.com.
--30--gk/bos*
CONTACT: GE Plastics
Pam Wickham
413-448-7383