Blow molder acquires company from bankruptcy

By Michael Lauzon
Correspondent

Published: January 31, 2014 2:01 pm ET
Updated: January 31, 2014 10:27 pm ET

Related to this story

Topics Packaging, Mergers & Acquisitions, Blow Molding

Blow molder Plastique Micron Inc. has established a production base in the neighboring province of Ontario.

Plastique Micron has acquired IMBC Blowmolding Inc. of Orangeville, Ontario, about 25 miles northwest of Toronto. IMBC complements Plastique Micron's blow molding plant and headquarters in Sainte-Claire, Quebec, and its decorating facility in Saint-Anselme, Quebec.

IMBC was sold out of bankruptcy. In December 2013 GE Canada Equipment Financing GP launched legal proceedings that led to the bankruptcy and eventual sale to Plastique Micron. A. Farber & Partners Inc. of Toronto was the receiver in bankruptcy. Plastique Micron was the stalking horse bidder for IMBC and since no better bids were received by the Jan. 7 auction deadline, Plastique Micron got IMBC. The court approved the sale Jan. 15.

IMBC director of operations Sandra Starr said several factors led to the bankruptcy. Prominent among them were a stronger Canadian dollar after IMBC undertook an expansion four years ago. The stronger currency hurt IMBC's export business, its largest component, Starr said in a telephone interview.

IMBC had been successful in exporting because "we were known for quality, on-time delivery and technical expertise," Starr said.

Robert Starr, former owner of IMBC, will act as a technical consultant for the Orangeville business, now known as IMBC Blowmolding (2014) Inc.

Plastique Micron President Bernard Poitras noted in a news release that the acquisition will support his company's presence in Ontario and in global markets. The deal also expands Plastique Micron's product range. Both businesses sell to a diverse customer base.

IMBC's Orangeville operation runs 17 blow molders in a 60,000-square-foot facility. It employs about 35. It processes high and low density polyethylene, polypropylene, PVC, glycol-modified PET and Barex barrier resins, molding containers as large as 8 liters.

Plastique Micron's 85,000-square-foot Sainte-Claire plant contains 31 blow molders using extrusion, injection and stretch technologies and mainly processing HDPE, LDPE, PP and PET. Its Saint-Anselme site does decorating in a 40,000-square-foot facility.

"Our business vision for 2015, will be the acquisition of a factory ideally situated near Montreal," Poitras said.


Comments

Blow molder acquires company from bankruptcy

By Michael Lauzon
Correspondent

Published: January 31, 2014 2:01 pm ET
Updated: January 31, 2014 10:27 pm ET

Post Your Comments


Back to story


More stories

Image

Ferro sells another piece of its plastics business

December 19, 2014 3:33 pm ET

Ferro Corp. has sold its North American polymer additives business to a private equity firm for $154 million in cash.    More

Image

Alex Brands buys iconic Shrinky Dinks toys

December 19, 2014 3:15 pm ET

First Slinky, now Shrinky Dinks. What will toy and games investment firm Alex Brands buy next?    More

Image

Thailand's SCG Chemicals buying Norwegian chemical firm Norner

December 19, 2014 9:11 am ET

Thailand's SCG Chemicals Co. Ltd. has announced it has acquired 51 percent of the shares in the independent petrochemical company Norner Holding AS...    More

Image

BASF to sell its share in Singapore JV

December 19, 2014 8:37 am ET

BASF SE has announced that it has reached an agreement for it to sell its share in the 50-50 joint venture ELLBA Eastern, at Jurong Island, Singapore ...    More

Image

Amcor buys Chinese flexible packaging plant

December 18, 2014 1:47 pm ET

Australian-based global packaging company Amcor Ltd. is buying a Chinese flexible packaging business for 211 million RMB (US$31.4 million).    More

Market Reports

Flexible Packaging Trends in North America

Our latest RESEARCH report examines trends in FLEXIBLE PACKAGING impacting the North American market including a review of economic conditions, key drivers of growth, materials pricing, M&A activity, sustainability challenges and the outlook for 2015.

Learn more

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

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