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 Mergers & Acquisitions, Packaging, 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.


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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

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