Spara regains control of former TriEnda thermoforming operations

By Frank Esposito
Senior Staff Reporter

Published: April 23, 2013 3:29 pm ET
Updated: April 23, 2013 3:32 pm ET

Related to this story

Topics Mergers & Acquisitions Packaging Pallets Thermoforming
Companies & Associations

PORTAGE, WIS. — Officials with Spara LLC say they have regained control of Lexington Logistics, a Wisconsin-based thermoformer that previously operated as TriEnda LLC.

In an April 23 news release, Lexington, Ky.-based Spara said that it "has immediately deployed a management team to assess and stabilize" Lexington Logistics, a 150-employee firm based in Portage, Wis. The release adds that Spara is collaborating with Fifth Third Bank, and that Mike Ceming has resigned as president of Lexington Logistics.

In November, financial firm Boston Finance Group of Clearwater, Fla., had removed five TriEnda executives and placed chief executive officer Curt Zamec on a leave of absence because of an unpaid loan. Spara had used the loan — which, according to court records, was for $6.7 million — to buy TriEnda in a foreclosure sale in June 2011.

In November, Boston Finance general counsel Jonathan Golden told Plastics News that Spara had not paid on the loan and that his firm "elected to exercise its lender remedies by exercising its voting rights" that were spelled out in the loan agreement.

"The action, we never would have taken, if Spara had just paid its loan," Golden said at the time. "If Spara had paid any amount, or worked out any sort of payment plan with us."

Golden could not be reached for comment on April 23. Spara officials had yet to respond to questions e-mailed to them by Plastics News. When Boston Finance took over Lexington Logistics in November, Golden and four other Boston Finance officials were installed as management.

At the time, Boston Finance's John Fernando was listed as the new president of Lexington Logistics. It is not clear when Ceming took over that role.

Lexington Logistics ranked as North America's 29th largest thermoformer in a recent Plastics News ranking. The firm's annual sales were estimated at $55 million.

According to the Spara release, Lexington Logistics occupies a 273,000-square-foot plant in Portage and specializes in the design and manufacture of heavy-gauge, single-sheet and twin-sheet plastic thermoformed products.


Comments

Spara regains control of former TriEnda thermoforming operations

By Frank Esposito
Senior Staff Reporter

Published: April 23, 2013 3:29 pm ET
Updated: April 23, 2013 3:32 pm ET

Post Your Comments


Back to story


More stories

Image

Dow Chemical to merge chlorine operations with Olin

March 27, 2015 12:43 pm ET

Dow Chemical Co. is combining a large part of its chlorine value chain with specialty chemicals and ammunition maker Olin Corp. to create a global...    More

Image

Flextronics launches global injection molding, tooling unit

March 26, 2015 4:29 pm ET

Flextronics International Ltd. (Booth S34125) is officially launching Precision Plastics, a global injection tooling and manufacturing unit, as a...    More

Image

Core Molding buys CPI Binani assets, adds markets, D-LFT capabilities

March 20, 2015 1:20 pm ET

Core Molding Technologies Inc. is expanding its thermoplastics capabilities with the acquisition of substantially all the assets of CPI Binani Inc.,...    More

Image

Proposed Cardia-Stellar merger labeled 'not fair,' but still 'reasonable'

March 20, 2015 10:34 am ET

If the proposed merger of two Australian bioplastics companies goes ahead, the new company will be called Secos Group Ltd. and have annual sales of...    More

Image

Transilwrap buys Clear Focus, expands in advertising films

March 20, 2015 10:03 am ET

Film extruder Transilwrap Company Inc. has bought Clear Focus Imaging, a manufacturer of printable plastic films for large-scale display advertising l...    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