LABL-Established a position today at 19.65.
Message 23670776
Snip>Panjabi said he hopes for an aggressive shift in the company's strategic thinking, with Bemis pursuing acquisitions to offset over-capacity in the U.S. flexible packaging market.
UPDATE 1-Bemis names new chief executive
Fri Feb 1, 2008 12:57pm EST
NEW YORK, Feb 1 (Reuters) - Packaging maker Bemis Co (BMS.N: Quote, Profile, Research) said on Friday it elected Henry Theisen as its new president and chief executive officer.
Theisen, succeeds Jeffrey Curler, who will continue as executive chairman, the Neenah, Wisconsin-based company said in a statement.
Wachovia analyst Ghansham Panjabi said in a note to clients that the timing of the announcement will likely be viewed as a surprise.
"The latter is especially true following (an) uncharacteristically weak performance out of Bemis over the past three years, during which an aggressive capex program has coincided with negative core volume growth (capex has since been reined in)," said Panjabi.
Earlier this week, while announcing its fourth-quarter and full year 2007 results, Bemis said it was substantially reducing its capital expenditure budget in 2008.
Panjabi said he hopes for an aggressive shift in the company's strategic thinking, with Bemis pursuing acquisitions to offset over-capacity in the U.S. flexible packaging market.
Shares of Bemis were up 4 cents at $27.22 in afternoon trade on the New York Stock Exchange. (Reporting by Euan Rocha and Anant Vijay Kala in Bangalore; Editing by Tim Dobbyn)
reuters.com |
