October 4, 2017 / 3:42 PM / 2 months ago

Plastics company A Schulman exploring sale: WSJ

(Reuters) - Plastics company A Schulman Inc (SHLM.O) is exploring a sale, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

Shares of the company, which has a market value of about $1 billion, were up 4.6 percent at $37.49 in late morning trading.

The company is working with Citigroup Inc (C.N) on the sale process, which is in its early stages, the WSJ reported. (on.wsj.com/2xf6lRT)

    The company - which supplies plastic compounds and resins used in packaging, construction and electronics - had $880.4 million in debt as of May 31, according to its latest SEC filing.

    A Schulman lowered its forecast for full-year adjusted earnings in July, citing margin pressure in its European business due to higher raw materials costs.

    The Akron, Ohio-based company was not immediately available for comment.

    Reporting by Arunima Banerjee in Bengaluru; Editing by Arun Koyyur and Anil D'Silva

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