U. S. Plastic Lumber Corp. Announces Realignment of Management and Organizational Structure
BOCA RATON, Fla., Aug 23, 2000 (BUSINESS WIRE) -- U.S. Plastic Lumber Corp. (Nasdaq: USPL chart, msgs), announced a realignment of management and its organizational structure, effective immediately.
Mark S. Alsentzer, Chairman, CEO and President of USPL, said, "We have determined that, in order to meet our strategic goal of becoming a national provider of alternative wood replacement building products, we needed to separate the businesses that are not core to the building products industry. Accordingly, we will realign our Plastics Division into three separate divisions: Building Products, Packaging Products and Recycled Resins (raw materials)." Alsentzer added, "In connection with these changes, we are announcing that Andrew Stephens, President of the Plastics Division and Mike Dahl, Vice President of Building Products are leaving USPL to pursue other interests." USPL announced that Mark Alsentzer will fill the position of President of the Plastics Division while a national search continues to identify a qualified replacement with extensive experience and a successful track record in the building products industry.
Alsentzer added, "Mike McCann, Vice President of the Packaging Division will assume the additional responsibility as head of the Recycled Resins Division and will report directly to me." The Company reported that McCann joined USPL in 1999 when he sold Brigadoon Industries, of which he was President, to USPL. Brigadoon is a leading producer of packaging products for the international produce industry and paved the way for USPL to acquire Barons Industries, which provides similar packaging products to the food and beverage industries. The Company also announced that Scott House, Vice President of OEM Products, will also assume responsibility for Building Products, specifically USPL's Carefree Decking(R) and Trimax(R) structural building products. House joined USPL in 1998 with the acquisition of CycleMasters by USPL, and will report directly to Mark Alsentzer.
"We believe this new organizational structure will enable us to focus on new growth opportunities and business solutions for developing a national distribution network for our products," added Alsentzer. During USPL's recent second quarter conference call, USPL announced that it was very pleased with its sales growth and the increase in number of dealers across the country offering its decking products. USPL announced that its decking products are now offered in over 1,000 retail outlets and expects sales of its decking products, packaging products and OEM products will continue to grow at a very rapid pace as consumer and manufacturing demand and awareness for these products increases.
Alsentzer added, "Now that our expansion programs in Florida and California are well underway, management will focus on improving operating margins during the next several quarters by improving line speeds, reducing scrap rates and lowering its manufacturing costs, which may include consolidation of some of its smaller plants and staff reductions."
U. S. Plastic Lumber Corporation develops beneficial re-use options and end-product solutions for distinct types of waste streams. The company has two main business lines: the manufacture of plastic lumber, packaging and other value added products from recycled plastic, and the operation of interrelated environmental recycling services. U. S. Plastic Lumber is the nation's largest producer of recycled plastic lumber. Headquartered in Boca Raton, Florida, USPL is a highly integrated, nationwide processor of a wide range of products made from recycled plastic feedstocks. USPL creates high quality, competitive building materials, furnishings, and industrial supplies by processing plastic waste streams into purified, consistent products. USPL's products are environmentally responsible and are both aesthetically pleasing and maintenance friendly. They include such brand names as Carefree Decking(R), SmartDeck(R), RecycleDesign(TM), Trimax(R), Earth Care(TM), and OEM products including Cyclewood(R). USPL currently operates eight plastic manufacturing centers.
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. When used in this press release, the words or phrases "will likely result", "are expected to", "will continue", "is anticipated", "estimate", "projected", "intends to" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, including but not limited to economic conditions, dependence on management, dilution to shareholders, lack of capital, changes in laws or regulations, the affects of rapid growth upon the Company and the ability of management to effectively respond to the growth, demand for products and services of the Company, newly developing technologies, its ability to compete, conflicts of interest in related party transactions, regulatory matters, protection of technology, lack of industry standards, the effects of competition, and the ability of the Company to obtain additional financing. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release. Additional discussion of such factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations is contained in the Company's SEC filings.
Contact:
U. S. Plastic Lumber Corp., Boca Raton
Mark S. Alsentzer, CEO
John W. Poling, CFO
561/394-3511 |
