Vystar Corp., which holds a patent for producing natural latex rubber that is almost completely free of the proteins that cause human allergies, has named retailer Steve Rotman as its chief executive officer and chair.
Steve Rotman
He also is president and CEO of his family’s retail home furnishings and carpet business Rotmans, based in Worcester, Massachusetts. Vystar also announced it added Joseph Allegra and Bryan Stone to its board and has moved its headquarters from Atlanta to Worcester.
Rotman succeeds William Doyle, who continues with Vystar as a product development consultant.
Rotman has a prior connection with Vystar as founder and managing partner of Worcester-based NHS Holdings LLC, the exclusive distributor of Vystar’s Vytex latex foam in the United States since 2015. Rotman is credited with laying the groundwork for Vytex foam’s entrance into the home furnishings industry as a cushion material.
In a separate news release in January, Vystar announced plans to purchase NHS from Rotman.
Vytex’s “deproteinized” natural rubber latex has myriad uses. It can be processed into foam for mattresses, pillows and upholstered furniture; molded or extruded to form catheters, threads or sheets of latex; used for dipped latex products such as gloves and condoms; act as an adhesive; and more, according to the company.
In addition to its newly relocated headquarters, Vystar has a warehouse and distribution center in Worcester. Actual production of Vytex latex is done overseas.
Commenting on his new position, Rotman said: “I’m looking forward to working with the Vystar team and its partners in this new role to unleash Vystar’s sales and profitability potential. (All of Vystar’s stakeholders) have worked together over the past six months to formulate a three-pronged strategic plan that would create a sustainable model to bring greater value to all. … The three strategies are revise Vystar’s business model to enhance revenues beyond Vytex as a pure commodity; augment product offerings, profit margins and revenues through acquisition; and add depth to senior management.
“We will be reviewing potential asset purchases to enhance our balance sheet and will be aggressively pursuing innovative new higher margin product lines that can increase Vystar revenue. At the same time, we plan to pay off the approximately $3 million in short- and long-term debt and payables.”
