December 23, 2009 (FinancialWire) — Aceto Corp. (NASDAQ: ACET) said its former chairman and CEO, Leonard S. Schwartz, has opted to take voluntary retirement from the company for personal reasons.

As a consequence of this announcement, there will be an associated, one-time, separation expense recognized and reflected in the company’s fiscal 2010 second quarter financial statements in the amount of $2.6 million including costs associated with the separation.

The company also has completed an SG&A rationalization review and expects to take a one-time charge of approximately $1.5 million, recognized in the fiscal second quarter, in conjunction with the implementation of the findings of that review. In addition, the company has conducted a review of its product lines and will be taking a one-time $0.7 million inventory markdown charge recorded in cost of goods sold. As a result of this SG&A rationalization and Schwartz’s retirement, we expect to lower our SG&A run rate, going forward, by more than $5.0 million annually compared to fiscal 2009.

The company also announced that for those shareholders who were unable to attend the company’s annual meeting held on December 10, 2009, it will be posting a link to the replay of the Crop Protection business segment presentation on it’s website in the near future.

Aceto Corp., incorporated in 1947, is a leader in the sourcing, quality assurance, regulatory support, marketing and distribution of chemically derived pharmaceuticals, nutraceuticals, specialty chemicals and crop protection products.

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