Firm to auction Ohio molder Core Systems' assets

By Michael Lauzon
Correspondent

Published: April 16, 2013 3:05 pm ET
Updated: April 16, 2013 3:07 pm ET

Related to this story

Topics Appliances, Mergers & Acquisitions, Injection Molding

ELK GROVE VILLAGE, ILL. — Assets of custom injection molder Core Systems LLC will be auctioned May 16 at the firm's plant sites.

Perfection Industrial Sales, a division of Perfection Global LLC, both of Elk Grove Village, will hold the auction jointly at Core Systems' plants in Painesville and Mount Gilead, Ohio.

"We are working closely with Morrow County and the Columbus [Ohio] region to see if we can assist in finding a buyer for the Mount Gilead property and its manufacturing assets, or a manufacturing buyer who wishes to acquire just the real estate," said Perfection President Adam Stevenson in a news release. Mount Gilead is about 50 miles from Columbus.

Perfection said it will conduct a live webcast auction of 64 injection molding machines made by Toshiba, Sumitomo, Mitsubishi, JSW and Nissei, as well as a range of secondary equipment, robots and support machinery.

Perfection bought the Core Systems assets in an April 2 bankruptcy auction for $6.13 million from Extrusion Acquisition LLC, a company formed to buy the assets from former secured creditors JP Morgan and Fargo Bank.

Core Systems had shut the plants down after a major customer, appliance company Whirlpool Corp., pulled its business, claiming the Ohio molder did not live up to agreed-on performance-improvement targets.


Comments

Firm to auction Ohio molder Core Systems' assets

By Michael Lauzon
Correspondent

Published: April 16, 2013 3:05 pm ET
Updated: April 16, 2013 3:07 pm ET

Post Your Comments


Back to story


More stories

Image

Austria's Greiner building a foothold in the US rigid packaging market

April 15, 2014 1:22 pm ET

Greiner Packaging International GmbH, one of Europe's largest makers of rigid plastic packaging, now wants to make its mark in the United States.    More

Krahn Chemie acquires Italy's Pietro Carini

April 15, 2014 11:20 am ET

Germany's Krahn Chemie GmbH has purchased a majority share in Italy-based speciality chemical company Pietro Carini SpA.    More

Image

RKW buys Hyplast, folds into RKW Agri

April 15, 2014 11:13 am ET

RKW SE, a Germany-based films and flexible packaging group, has announced it has acquired Belgium's Hyplast NV.    More

Polypipe shares rise on opening day of IPO

April 15, 2014 11:06 am ET

Polypipe Group plc saw its share prices rise during its first day of public trading on the London Stock Exchange, rising from 245 pence ($4.10) to...    More

Image

US equipment firm buys Negri Bossi

April 14, 2014 1:58 pm ET

Italian plastics equipment major Sacmi Group's offerings are getting a U.S. identity. Sacmi has sold its plastics division to Kingsbury Corp., a machi...    More

Market Reports

Thermoformed Packaging 2014 Market Review & Outlook North America

This in-depth report provides analysis and discussions of economic and political conditions, market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as strategies being implemented by thermoformed packaging companies. In addition, there are reviews of 25 leading thermoformers in the packaging segment, assessing their growth initiatives and performance metrics over 10 years.

Learn more

Automotive Market Review and Outlook 2014 The Americas

This 75-page report features in-depth analysis of the automotive industry for the Americas. It includes discussions of market trends, legislative/regulatory activity impacting production and threats as well as design strategies being implemented by the major automakers. Detailed charts and data tables outline North American automotive production over the last five years.

Learn more

Plastics Building & Construction Market Review and Outlook 2014 with MS Excel chart data

This report provides in-depth analysis of the plastic building and construction market for North America, including discussions of trends, opportunities, threats and the latest developments in construction trends that impact plastics processors.

Learn more

Upcoming Plastics News Events

May 6, 2014 - May 8, 2014Plastics in Medical Devices 2014

May 12, 2014 - May 12, 2014Plastics News Brazil Pharma Summit

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

February 3, 2015 - February 7, 2015Plastics News Executive Forum 2015

More Events