Since 1967, Balchem Corporation (NASDAQ: BCPC) has developed and manufactured specialty ingredients for the nutrition, food, sterilization, and energy markets around the world. Together with our employees, customers, and shareholders, we are committed to delivering products that improve all aspects of life.
We welcome you to explore our Investor Relations portal, where you can get to know our goals and strategies to support your investment decision and increase long-term shareholder value.
News, Events, Presentations
Current Financials: Updated: November 5, 2019
• Third quarter net sales of $158.6 million, an increase of $3.6 million, or 2.3%, compared to the prior year quarter.
• Year over year quarterly sales growth in three of the four segments, with record third quarter sales in Human Nutrition and Health and Specialty Products.
• Third quarter GAAP net earnings were $20.7 million, an increase of $1.5 million, or 7.6% from the prior year. These net earnings resulted in GAAP earnings per share of $0.64.
• Quarterly adjusted net earnings of $26.3 million increased $2.7 million or 11.2% from the prior year, resulting in adjusted earnings per share(a) of $0.81.
• Third quarter adjusted EBITDA was $40.4 million, an increase of $1.9 million, or 5.0%, from the prior year.
• Strong quarterly cash flows from operations were $42.7 million for the third quarter 2019, an increase of 31.4% from the prior year, with quarterly free cash flow(a) of $35.8 million, an increase of 32.7% from the prior year.
Click here for the detailed Quarterly Report
Click here for the Q1 Investor Presentation
Chairman and Chief Executive Officer
Chief Financial Officer
Vice President and General Manager, Ingredient Solutions
Vice President and General Manager, Human Nutrition and Pharma
General Manager, Cereal Systems
Vice President and General Manager, Animal Nutrition and Health
Vice President and General Manager, Specialty Products and Industrial Products
Board of Directors
Chairman and Chief Executive Officer,
John Televantos, PhD
Arsenal Capital Partners, Inc.
Perry W. Premdas
Former Chief Financial Officer,
Paul D. Coombs
Former EVP and Chief Operating Officer,
Tetra Technologies, Inc.
David B. Fischer
Former President and Chief Executive Officer,
President, North America, Bayer Animal Health,
President and Chief Executive Officer,
United Sugars Corporation
Daniel E. Knutson
Former EVP and Chief Financial Officer,
Committee Charters & Business Policies
Code of Ethics for Senior Financial Officers
This Code of Ethics for Senior Financial Officers has been adopted by the Board of Directors of Balchem Corporation to promote honest and ethical conduct, proper disclosure of financial information in the Corporation’s periodic reports, and compliance with applicable laws, rules, and regulations by the Corporation’s senior officers who have financial responsibilities.
As used in this Code, the term Senior Financial Officer means the Corporation’s Chief Executive Officer, Chief Financial Officer, Treasurer and Corporate Controller.
Principles and Practices
In performing his or her duties, each of the Senior Financial Officers must:
- Maintain high standards of honest and ethical conduct and avoid any actual or apparent conflict of interest as defined in the Corporation’s Ethics Policy;
- Report to the Audit Committee of the Board of Directors any conflict of interest that may arise and any material transaction or relationship that reasonably could be expected to give rise to a conflict.
- Provide, or cause to be provided, full, fair, accurate, timely, and understandable disclosure in reports and documents that the Corporation files with or submits to the Securities and Exchange Commission and in other public communications;
- Comply with and take all reasonable actions to cause others to comply with applicable governmental laws, rules, and regulations; and
- Promptly report violations of this Code to the Audit Committee.
- Senior Financial Officers must also comply with the Ethics Policy applicable to the Corporation’s employees generally.
Any request for a waiver of any provision of this Code must be in writing and addressed to the Audit Committee. Any waiver of this Code will be disclosed promptly on Form 8-K or any other means approved by the Securities and Exchange Commission.
Compliance and Accountability
The Audit Committee will assess compliance with this Code, report material violations to the Board of Directors, and recommend to the Board of Directors appropriate action. Such actions shall be reasonably designed to deter wrongdoing and to promote accountability for adherence to this Code, and may include censure, demotion or re-assignment, suspension with or without pay or benefits, or termination.
Policy on Stock Ownership for Directors and Executive Officers
The Board of Directors of Balchem Corporation (the “Company”) believes that stock ownership by the Company’s non-employee directors (“Directors”) and Executive Officers is important for the continued success of the Company. Stock ownership demonstrates to our shareholders, the investing public and the Company’s employees, the commitment of the Directors and Executive Officers to the Company, and directly aligns their interests with the Company’s shareholders.
Each Director shall own shares of the Company’s common stock at least equal to five times (5X) their annual cash retainer. Existing Directors will have five (5) years from the date of the adoption of this Policy to attain such level of ownership. It is recommended that Directors acquire at least 1/5 of the ownership amount each year, until the total requirement is met.
Each Executive Officer shall own shares of the Company’s common stock as determined by a multiple of the Executive Officer’s annual base salary as follows:
Position Multiple of Base Salary
- Chief Executive Officer: 3x
- Chief Operating Officer: 2x
- Chief Financial Officer: 1.5x
- Vice President/Officer: 1x
Existing Executive Officers will have five (5) years from the date of their appointment as an Executive Officer to attain such level of ownership.
Chairman and Chief Executive Officer
Ted Harris is Balchem’s Chairman of the Board, Chief Executive Officer, and President. He joined the company in May of 2015 and is chartered with leading the company into its next phase of growth and profitability.
Prior to joining Balchem, Mr. Harris was a Senior Vice President of Ashland Inc., a global leader in specialty chemicals. He joined Ashland in 2004 and had a series of senior leadership roles including vice president and general manager of the Composite Polymers business unit, President Ashland Distribution, and President Ashland Global Supply Chain at which time he also led the global integration related to the Hercules, Inc. acquisition. In 2009, Harris was named Senior Vice President and President Ashland Performance Material, a global leader in advanced composites, adhesives, elastomers, and intermediates and solvents.
Immediately prior to joining Ashland, Harris held various leadership roles within FMC Corporation over a 12-year period. In his last role at FMC, Harris served as general manager of the Food Ingredients Division within FMC’s Food, Pharmaceutical and Personal Care Group.
Mr. Harris is also an independent director and member of the Board of Directors of Pentair plc.
A native of Philadelphia, Pennsylvania, Harris earned a bachelor’s degree in chemical engineering from Lehigh University. He also holds a Master of Business Administration from the Harvard Graduate School of Business Administration.
Chief Financial Officer
Martin is Balchem’s Chief Financial Officer. He joined the company in February 2019.
Mr. Bengtsson joins Balchem following a successful 15-year career at Honeywell Inc. where he held a variety of finance roles, including CFO roles for Honeywell’s Fluorine Products business, Specialty Products business, and Advanced Materials business, and most recently serving as CFO for the $11B Performance Materials & Technologies segment. He also served as Vice President – Group Corporate Audit and Vice President & Global Controller – Performance Materials & Technologies.
Mr. Bengtsson earned a Bachelor of Arts degree in Economics from Northwestern University and began his career as a Senior Auditor for Deloitte prior to joining Honeywell, Inc.
Mark has been Balchem’s General Counsel and Secretary since September 2017. He was Assistant General Counsel of the Company from October 2015 until September 2017.
Prior to that he was in private practice and was Assistant General Counsel for Ashland Global Holdings Inc. (formerly, Ashland Inc.) (NYSE), where he was lead counsel and member of the leadership teams for two of Ashland’s business units and supervised the commercial, global trade compliance and intellectual property functions within Ashland’s Law Department.
Mr. Stach earned a Bachelor of Arts degree from the University of Kentucky and a Juris Doctorate from West Virginia University.
Vice President/General Manager—Ingredient Solutions
Mike is Balchem’s Vice President & General Manager of the Ingredient Solutions business. He joined the company in 2016.
Mr. Size has over 20 years in the food ingredients industry, holding a variety of leadership positions with top global companies. Prior to joining Balchem, Mike was VP Business Development with Mane Flavors. He was also Global VP of Strategy and Development for Givaudan from 2006 to 2014. Prior to this, Mike ran the Kelco business at CP Kelco from 2002 to 2006. During his 12-year career with Monsanto, Mike was the Business Director managing global P&L for the NutraSweet Company from 1996 to 2000.
Mr. Size earned a Bachelor of Science degree in Industrial Management from Purdue University. He also has a Master of Business Administration from the Kellogg School of Management at Northwestern University.
Vice President/General Manager—Human Nutrition & Pharma
Jim Hyde currently serves as the Vice President and General Manager of Human Nutrition & Pharma. Mr. Hyde is active within industry and serves on the Executive Committee and Board of Directors as the Immediate Past Chair of the Counsel for Responsible Nutrition, the leading trade association for dietary supplements.
Balchem acquired Albion Minerals in February 2016, where Mr. Hyde was CEO from 2001 to 2016. Before joining Albion Minerals, Mr. Hyde was General Counsel at U.S. Bank, Utah, and was an associate at the Salt Lake City, Utah law firm of Parsons, Behle & Latimer.
Mr. Hyde earned a Bachelor of Arts degree from Utah State University in 1983 majoring in accounting, and thereafter received his Juris Doctorate in 1986 from the University of Utah College of Law.
General Manager—Cereal Systems
Ria joined Balchem in 2014 through the SensoryEffects acquisition. She has held a variety of roles in the company, including Director of Manufacturing and Technology, Commercial Director and was promoted to General Manager of Cereal Systems in 2013.
Ms. Dake has over twenty years’ experience in the food industry with SensoryEffects, George Weston, Quaker Oats, and Kerry Ingredients. Her responsibilities included Operations, Commercial, Supply Chain, Finance, and Development.
Ms. Dake holds dual degrees Bachelor of Science Accountancy and Bachelor of Science Business Administration from the University of Missouri, Columbia.
Vice President/General Manager—Animal Nutrition & Health
Jonathan Griffin serves as the Vice President and General Manager of Balchem’s Animal Nutrition & Health (ANH) business unit. In this leadership role, he is charged with developing overall strategy and executing profitable performance across both the global monogastric and ruminant segments. Mr. Griffin joined Balchem in 2011 and has served in several senior leadership roles of increasing responsibility and scope. Mr. Griffin has helped to lead the ANH business, both in achieving profitable organic growth as well as an aggressive plan for adding key strategic components through targeted acquisitions.
Prior to joining Balchem, Mr. Griffin served in key management roles at well-known Biotechnology and Animal Nutrition firms, including Monsanto Dairy Business and Arm & Hammer Animal Nutrition (a division of Church & Dwight, Inc.).
Mr. Griffin currently serves on the board of directors for the American Feed Industry Association, and for the last year has served on the association’s executive committee.
Mr. Griffin is a native and resident of Connecticut. Jonathan received his Bachelor of Science degree from Cornell University, in Ithaca, New York and also received a Master of Science, in Business Administration, from the Warrington College of Business, at the University of Florida in Gainesville, Florida.
Vice President/General Manager—Specialty & Industrial Products
Dave Ludwig is Balchem’s VP & General Manager for Specialty & Industrial Products.
Mr. Ludwig joined Balchem in 1999 as VP & GM of the ARC Specialty Products group. In 2016 he took over responsibility for the newly formed Specialty Products group which included ARC and the new Plant Nutrition product line.
In 2016 he also took over responsibility for the Industrial Products group.
Prior to joining Balchem, Mr. Ludwig was VP & General Manager of Scott Specialty Gasses for two years. Prior to that he spent 16 years at Engelhard Corporation in various sales and marketing roles. The last position at Engelhard was Director of Sales for the Pigments & Additives Group.
Mr. Ludwig earned a Bachelor of Science degree from the College of Pharmacy at the University of Rhode Island. He started his professional career as a Registered Pharmacist in New Jersey.