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

Blow molding machinery maker opens first plant in Taiwan

October 1, 2014 1:27 pm ET

Taiwanese equipment maker Kin Precision Industry Co. Ltd. has opened a 2,000-square-meter, 25-employee factory in Taichung, Taiwan, with an eye to...    More

Image

Speaker: Many issues can affect multi-cavity molds

October 1, 2014 2:02 pm ET

There are several conditions necessary across all cavities of a multi-cavity mold to ensure that all parts are produced the same. These include...    More

Image

Nucleation offers solution to shrinkage in HDPE closures

October 1, 2014 1:57 pm ET

For caps producers, nucleation can provide a practical solution to eliminate shrinkage variations in high density polyethylene beverage closures....    More

Image

Brown signs California's plastic bag ban into law

September 30, 2014 1:38 pm ET

Gov. Jerry Brown (D) made it official today: plastic bags are banned across the entire state of California.    More

Image

Teens put a cap on watery ketchup

September 30, 2014 1:57 pm ET

Whether you spell it ketchup or catsup, use it on burgers or fries, or prefer Heinz or Hunt's, there is one universal problem for the ages: That water...    More

Market Reports

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our industry analysis highlights macro industry trends and micro trends faced by companies that do business in Mexico. The report also provides key industry statistics and forecasts to anticipate future industry expansion.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

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

More Events