Two plastics employees indicted

A federal grand jury in Indianapolis has charged two former executives of Evansville, Indiana–based Lucent Polymers with fraud. The indictment alleges that the two executives, former CEO Keven Kuhnash and former chief financial officer Jason Jimerson, were both aware that Lucent, a plastics compounder, had been falsifying data, such as certifications from the testing firm UL, about product specifications. The company allegedly continued to falsify test data even in the face of customer complaints. Citadel Plastics—backed by Huntsman Gay, a private equity firm cofounded by former NFL quarterback Steve Young—bought Lucent in 2013. A. Schulman bought Citadel in 2015 for $800 million and promptly uncovered the quality issues in its new business. It sued Citadel, Huntsman Gay, and others in the Delaware Court of Chancery. That case was settled late last year, after LyondellBasell Industries acquired Schulman.