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 Mergers & Acquisitions, Appliances, 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

Wright Plastic Products buys Tennessee auto supplier Hope Industries

March 4, 2015 3:51 pm ET

Michigan custom injection molder Wright Plastic Products Co. LLC has acquired Tennessee-based automotive supplier Hope Industries Inc., the companies ...    More

Image

Newell Rubbermaid expanding production, employment in Kansas

March 3, 2015 3:31 pm ET

Newell Rubbermaid Inc. is expanding and extending plastics molding technologies at its Winfield, Kan., manufacturing plant and distribution center.    More

Image

Accella buys IPS Polymer Systems

March 3, 2015 5:26 pm ET

Accella Performance Materials Inc. is acquiring IPS Polymer Systems Inc. to expand the firm's growing polyurethane operation.    More

Image

Best Places To Work: No. 5, Plastic Components Inc.

March 3, 2015 2:50 pm ET

Plastic Components Inc. had a busy 2014: It built a house, earned a patent, spun off a business, added presses and expanded its staff.    More

Image

Best Places To Work: No. 2, B&B Molders LLC

March 3, 2015 1:56 pm ET

Britt Murphey is trying to retire. But he's just having too much fun.    More

Market Reports

Flexible Packaging Trends in North America

North America represents about 30 percent of the global consumption of flexible packaging. Annual growth in this region is forecast at 4 percent during the next 5 years.

For more insight on growth opportunities, drivers of growth and the outlook for 2015, download this report.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events