Covalence Specialty Materials Corp. Announces New Chief Executive Officer Appointment
Posted on: Monday, 12 June 2006, 15:00 CDT
PRINCETON, N.J., June 12 /PRNewswire/ -- Covalence Specialty Materials Corp. (CSM), formerly the Plastics and Adhesives division of Tyco International, Ltd., today announced the appointment of Layle K. "Kip" Smith as President and Chief Executive Officer. Mr. Smith was most recently President of the Epoxy and Coating Resins Division of Hexion Specialty Chemicals, Inc. He also has served as President and Chief Operating Officer of Resolution Performance Products, CEO of NxtPhase Corporation and President and Chief Operating Officer of Ballard Power Systems. Mr. Smith also held various positions for over 19 years at The Dow Chemical Company including Vice President, Chemicals and Plastics Strategic Development, Business Vice President, Specialty Chemicals and Business Director of Dow's North American Polyethylene business. Mr. Smith is replacing Terry Sutter as CEO.
"We are delighted to have an experienced senior executive with Kip's background join the Covalence leadership team. His knowledge of the resins and plastics fabricating business will enhance our efforts to accelerate growth in earnings and free cash flow at the Company. I'm particularly pleased to be working again with Kip after our successful experience together that started with Resolution Performance Products in September 2004 and has continued to this day through the creation of Hexion," said Marvin O. Schlanger, Chairman of the Board of CSM. "We also want to thank Terry for his many contributions to the Company and we wish him well in his future endeavors."
About Covalence
Covalence, with a workforce of 7,125 people in 38 manufacturing facilities, is a major producer of a wide range of products, including polyethylene-based films, industrial tapes, medical specialties, packaging, heat-shrinkable coatings and specialty laminates. Covalence is the number one producer domestically of trash bags, duct tape and niche laminated and coated products. Among its leading brands are Ruffies(R) and Rhino-X(R) trash bags; Film-Gard(R) plastic sheeting; Nashua(r) tapes, Covalence Raychem(R) (Raychem is a trademark of Tyco Electronics Corporation and used under license by Covalence Specialty Materials Corporation) heat-shrinkable coatings; Polyken(R) pipeline coatings; Thermo-ply(R) and Energy-Brace(R) wall sheathing; as well as R-Wrap(R) and Barricade(R) housewraps.
Covalence Specialty Materials Corp.
CONTACT: Investor Relations - David S. Graziosi, Chief FinancialOfficer, Covalence, +1-609-806-2347
Source: PRNewswire
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