Fiscal Year 2017 Results: The net sales increase of $606 million is primarily attributed to acquisition net sales of $788 million and selling price increases of $60 million due to the pass through of higher resin prices, partially offset by a negative $136 million impact from a 2 percent base volume decline, $98 million from extra days in fiscal 2016, and a slightly negative impact from foreign currency changes. The operating income increase of $151 million is primarily attributed to acquisition operating income of $62 million, a $36 million decrease in Avintiv integration and restructuring costs, a $35 million decrease in selling, general and administrative expense related to synergies and cost reductions, a $24 million improvement in our product mix and price/cost spread, a $16 million decrease in depreciation and amortization, and a slight improvement in productivity in manufacturing. These improvements were partially offset by a $20 million impact from the base volume decline and $10 million from extra days in fiscal 2016. Click Read More below for additional information.
Toray Plastics (America), Inc., announces that Chris Nothnagle will be the company’s Senior Director of New Business Development, effective January 4, 2022. Nothnagle will replace Ken Chang, who is retiring after 25 years of service to the company. He will be responsible for managing the company’s R&D team and continue to oversee Toray’s Corporate Marketing Group. Nothnagle joined Toray in 2015 and held a variety of positions prior to being named the Senior Director of Sales and Marketing of the Lumirror® Division in 2020. Prior to joining Toray he worked at ExxonMobil for 28 years. Chang joined Toray in 1996 as a Senior Development Engineer for the Torayfan® Division and rose through the ranks, having held a variety of positions in R&D. Chang will maintain his relationship with Toray and consult on strategic projects.
“Chris Nothnagle is the ideal candidate to help the company chart its course in new business development and guide our R&D team,” says Mike Brandmeier, President and CEO, Toray Plastics (America), Inc. “Chris is a very talented individual who possesses a vast knowledge of our products and the global films industry that has been instrumental in helping us grow our core films business since he joined Toray. I am confident he will excel in his new role leading our combined R&D and Corporate Marketing efforts for the future.”
Brandmeier notes that Toray Plastics (America) and Toray Industries, Inc., are deeply grateful to Chang for all of his contributions to the organization. “Ken has always been highly-respected by his colleagues at Toray and within the industry. His tenure with the company is distinguished by outstanding milestones and he has been instrumental in the development of many of Toray’s patented film products. We are very pleased that he will continue to be available to share his insights and expertise with Toray,” states Brandmeier.
Toray Plastics (America), Inc., is a leading manufacturer of polyester, polypropylene, and metallized films and polypropylene and polyethylene foams. The company is committed to environmental, social, and corporate governance and aims to contribute to society through the creation of new value with innovative ideas, technologies, and products that help address global issues. R&D is focused on the development of materials that are fossil fuel-free, compostable, biodegradable, and/or recyclable. The company’s sustainability initiative, launched in 2004, includes the operating of one of Rhode Island’s larger solar farms and two cogeneration systems, energy and water conservation, recycling, and zero landfill.