Tarheel Plastics files for liquidation

By Michael Lauzon
Correspondent

Published: October 30, 2013 3:01 pm ET
Updated: October 30, 2013 3:03 pm ET

Related to this story

Topics Mergers & Acquisitions, Appliances, Automotive, Injection Molding

Custom injection molder Tarheel Plastics LLC has taken the first step to liquidate its assets.

The Lexington, N.C., firm voluntarily filed for Chapter 7 of the U.S. Bankruptcy Code on Oct. 24 in North Carolina. The bankruptcy petition was made three weeks after Tarheel shut its doors when a French firm decided not to buy it.

IP3 of Lyon, France, had said in early September that it was interested in buying the Lexington facility, but it subsequently changed its mind after conducting due diligence.

Tarheel, formed in 2009, supplied automotive, electrical, electronic, appliance and construction markets. Its capabilities included multi shot and insert injection molding, in-mold decoration, gas assist molding, ultrasonic welding, painting and reusable packaging. It employed between 70 and 100.

In court records Tarheel lists 24 presses in Lexington, ranging from 110 to 1,450 tons and including electric machines, as new as 2004. Value of the presses and a range of other production and testing equipment was listed at $1.51 million. Total physical assets are worth $2.47 million, Tarheel estimates in its petition.

The firm’s liabilities are about $3.55 million. The major secured creditor is High Point Bank & Trust Co. of High Point, N.C., with its claim of $1.51 million attached to the machinery. The other secured creditor is Crestmark Bank of Troy, Mich., with a claim of about $767,200.

A creditors’ meeting is scheduled for Dec. 6 in Winston-Salem, N.C. Trustee in bankruptcy is W. Joseph Burns of Winston-Salem.

IP3 had said it wanted to buy the molding operation to diversify into appliances and set up in the southeast U.S. market. Its North American operation is in Querétaro, Mexico.

Tarheel in 2009 purchased the Lexington operation formerly run by now-defunct custom injection molder Moll Industries Inc.


Comments

Tarheel Plastics files for liquidation

By Michael Lauzon
Correspondent

Published: October 30, 2013 3:01 pm ET
Updated: October 30, 2013 3:03 pm ET

Post Your Comments


Back to story


More stories

Image

Impact-resistant window maker buys competitor for $111 million

July 31, 2014 3:07 pm ET

PGT Inc. is acquiring CGI Windows & Doors Holdings Inc. for $111 million as part of a plan to grow strategically by buying businesses with...    More

Buyer plans to sell former Hoover molding, assembly plants

July 31, 2014 2:06 pm ET

A former Hoover manufacturing plant with 150 injection machines in El Paso, Texas, and a nearby maquiladora plant in Juarez, Mexico, changed owners...    More

Private equity firm buys majority share of truck accessory maker

July 31, 2014 10:30 am ET

A majority share of Ann Arbor, Mich.-based truck accessory manufacturer Tectum Holdings Inc. has been acquired by Boston-based private equity firm TA ...    More

Spain's ITC Packaging acquires Coveris rigids plant

July 31, 2014 9:59 am ET

International packaging group Coveris Holdings has sold its Spanish business Coveris Rigid Spain, including an injection molding plant, to the...    More

Image

Tessy investing $10 million in new plant, infrastructure

July 30, 2014 4:57 pm ET

Tessy Plastics Corp. continues to buy factory buildings in upstate New York — acquiring a 112,000-square-foot former Honeywell building in Skane...    More

Market Reports

Pipe, Profile & Tubing Extrusion in North America 2014

U.S. demand for extruded plastics is expected to grow by 3 percent in 2014, with PVC remaining the largest segment.

Plastic pipe will post the strongest gains through 2018, continuing to take market share from competing materials in a range of markets.

Our latest market report provides in-depth analysis of current trends and their financial impact on the pipe, profile and tubing extrusion industry in North America.

Learn more

2014 Injection Molding Industry Report

GROWTH, OPPORTUNITY IN SIGHT FOR INJECTION MOLDERS IN 2014

In the wake of the economic turbulence earlier in this decade, molders today find themselves in much better shape. Molders are gaining a competitive advantage by investing in people, equipment and seeking inroads into new markets on a global scale.

Growth in the injection molding industry is going to be driven by low financing costs and a continued move to reshore some business.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Upcoming Plastics News Events

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

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events