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

Three advancements have driven injection molding technology

November 21, 2014 6:00 am ET

Injection molding technology has made major advances in the last 25 years, from largely a world of shoot-and-ship to doing as much as possible at the ...    More

Image

Netstal, Electra Form team up for PET preform partnership

November 20, 2014 3:15 pm ET

The Netstal division of Krauss-Maffei Corp. is teaming up with Electra Form Industries in a partnership to offer PET preform machines and molds as a...    More

Image

High pressure RTM systems moving from Europe to Mexico

November 20, 2014 4:24 pm ET

Engel Holding GmbH's subsidiary in Mexico says it has sold the first high pressure resin transfer machine system (HP-RTM) in the Americas to a...    More

Image

Thomson Plastics opens N.C. plant

November 20, 2014 3:12 pm ET

Custom injection molder Thomson Plastics Inc. has opened a new manufacturing facility in Lexington, N.C.    More

Image

Coveris changes culture, eyes IPO

November 20, 2014 1:40 pm ET

CEO Gary Masse has a simple message, and some new math, for everyone at Coveris Holdings Corp. Get on board or get out of the way.    More

Market Reports

Plastics in Brazil - State of the Industry Report

This in-depth report examines the Brazilian plastics industry from a historical and geographical context. Our analysts provide insight on economic trends and forecasts, growing manufacturing sectors that utilize plastics, private investment opportunities, market environment challenges, and innovations in R&D.

Data tables and charts on producer prices, trade, plastics production and end market indicators is also included.

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

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Upcoming Plastics News Events

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

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

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

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

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events