Peopleflex

Supported initial public offering, oversaw accounting and reporting function, and developed new accounting department.

Initial Public Offering
Development of Accounting Department
Sarbanes-Oxley Compliance

"Constar completed a carve out and initial public offering in 2002. As a new public company with international operations and annual revenues in excess of $700 million, we needed sophisticated accounting and reporting expertise to successfully transition away from our former parent company, and function as a stand-alone entity. Peopleflex helped us ease this transition and continues to prove itself as an invaluable resource. The knowledge, experience and commitment of the Peopleflex team have greatly benefited our organization."

James C. Cook, Former Executive Vice President and CFO

Company Background:

Constar International, a publicly-traded company with more than $700 million in 2004 revenues, is one of the largest suppliers of PET plastic containers for conventional applications throughout North America and Europe for the beverage and food industries.

Business Challenge:

In 2002, Constar spun off from its parent company and needed assistance completing an initial public offering, developing an accounting department and performing the required SEC reporting. In addition, as a new company, Constar had dedicated the bulk of its resources to establishing a foothold in the marketplace. This also meant that when it came time for the company to become Sarbanes-Oxley compliant, it didn't have the internal resources necessary to dedicate to the effort.

Peopleflex Solution:

Peopleflex provided the resources and expertise to assist Constar with its initial public offering. We helped perform the carve out from its parent company which included creating stand-alone financial statements, migrating to a stand-alone financial system, and assisting with the S-1 filing. We directed all SEC reporting initiatives during its first year as a publicly-traded company, including filing the initial 10-K and subsequent 10-Qs. We also provided a controller to oversee cost, general, and corporate accounting as well as manage the global accounting staff and create closing and reporting procedures for the newly-created public entity. We served as liaison to external auditors, participated in various debt refinancings, and implemented multiple accounting standards.

Peopleflex then helped transition the accounting operations to a permanent accounting department. Our recruiters staffed the newly created accounting department with full-time employees including participating in the hiring of the controller, accounting manager, and internal audit director. Our contractors continue to support Lordi Consulting to ensure compliance with the Sarbanes-Oxley regulations.

Value Delivered:

Our experienced contractors provided Constar with expert accounting resources to ensure their public offering and other accounting initiatives were a success. In addition, by working closely with Lordi Consulting we were able to ensure that the Company was compliant with the Sarbanes-Oxley regulations by the required date.