Anchor Glass, one of the leading producers of glass packaging in the US has named a new CEO. Nipesh Shah, who comes to Anchor from Consolidated Container Co., is succeeding Jim Fredlake, who told the board he plans to retire.
Shah has also held senior positions at Momentive Specialty Chemicals and management positions at Honeywell, Avery Dennison and Dover Chemical Co. He has a proven track record growing businesses in the packaging industry, Thomas Kichler, chairman of the board and partner at CVC Capital Partners, Anchor’s owner, said.
Under Fredlake’s leadership, Anchor expanded its position as an industry leader, said Carlos Moreira da Silva, a board member and non-executive chairman of BA Glass.
The company has won higher margin business and exited some lower margin lines, a Moody’s report said. About 40% of the company’s sales come from two customers, and 85% from its top 10 customers. About 43% of sales come from mass-market and craft beer, according to Moody’s.
The company produces almost 5 billion glass containers annually across six manufacturing facilities located in Florida, Georgia, Indiana, Minnesota, New York and Oklahoma. It has 2,000 employees.
Anchor is also one of the largest privately owned companies headquartered in the Tampa Bay area, with about USD 610 million in revenue in the 12 months that ended 30 September.