KANKAKEE, ILL. - Rigid packaging producer Ring Can Corp. will spend more than $1.2 million on its new plant, which is due to begin operating at Kankakee inmid-April, according to Wayne Drake, the firm's chief financial officer. Ring Can is installing four blow molding lines sourced from some of its other 16 facilities in the United States, Drake said by telephone from Ring Can's Oakland, Tenn., head office. It already has five plants in Illinois.
As previously reported, Ring Can is building a 50,000-square-foot building on a 5-acre site and initially will employ 40-50 at Kankakee. Bunge Foods Corp. of Bradley, Ill., a producer of vegetable oils and shortening, will be the plant's major customer.
Drake said his firm did not establish new blow molding plants in Canada and Mexico as it had planned in 1993, but it did set up a plant in London. Drake did not explain why Ring Can did not proceed with the plans for Canada and Mexico.
The firm had $85 million in blow molding sales in 1993, according to Plastics News' 1994 ranking.
BTR limited in use of Formica name
MELBOURNE, AUSTRALIA - The Australian company that bought Formica Corp. of Wayne, N.J., for $617.5 million in late December cannot use the Formica brand name in Australia or New Zea-land.
The brand name is owned Sydney-based CSR Ltd., which renegotiated its agreement to use the name in Australia and New Zea-land just before Melbourne-based BTR Nylex Ltd., a sub-sidiary of BTR plc of London, bought Formica.
CSR has had a licensing agreement with Formica since 1988 and will continue to manufacture Formica-brand laminates in both Australia and New Zealand.
Rolf Rempt, from CSR's corporate and investor relations group, said there is ``no date set for renegotiation'' and CSR can use the Formica brand indefinitely.
BTR Nylex manufactures laminates in Australia under the Laminex brand.
Hexcel cutting back joint venture holdings
KOMATSU, JAPAN - DIC-Hexcel Ltd., a Japanese joint venture of Hexcel Corp. and Dainippon Ink & Chemicals Inc., will continue under a modified agreement that reduces Hexcel's ownership interest to 42 percent from 50 percent.
Hexcel's financial obligation is limited to $4.5 million during two years and as much as $4.5 million more under certain circumstances, Hexcel announced Feb. 27. Less demand for commercial aircraft and competitive changes had increased the venture's cash requirements.
DIC-Hexcel Ltd. was formed in 1990 and began construction in 1992 of a facility to make non-metallic honeycomb, advanced composites and decorative laminates for the Japanese market. The plant in Komatsu escaped damage in the recent earthquake centered on Kobe, about 140 miles away.
Structural material supplier Hexcel of Pleasanton, Calif., exited bankruptcy protection Feb. 9.
Insituform Technologies Inc. has completed its acquisition of two-thirds of the stock of Insituform France SA for about $2 million. Insituform Technologies, based in Memphis, Tenn., provides techniques for the reconstruction of deteriorated pipelines using trenchless processes.