NEW CANAAN, CONN. - Faced with continued losses due in part to a shrinking market for its products, Smith Corona Corp. filed July 5 for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code. The New Canaan manufacturer of typewriters and word processors has struggled for several years in a market moving toward ever-more affordable personal computers. The bankruptcy filing lists assets of $207.9 million against liabilities of $198.9 million. Restructuring plans call for reducing the firm's work force by 25 percent, laying off 750.
In 1992, Smith Corona sought to reduce costs and improve competitiveness by closing its Cortland, N.Y., manufacturing facility and moving those operations to Tijuana, Mexico.
CIT predicts continued, slower growth
LIVINGSTON, N.J. - Continued growth in the U.S. plastics industry is expected in the short term, although it will be slower than in recent years, according to a new report by CIT Group/Industrial Financing.
In its ``Plastics Industry Outlook - 1996-1998,'' the Livingston equipment financing company predicts 4.3 percent growth for real plastic shipments this year, and 5.3, 6.9 and 5 percent in 1996, 1997, and 1998, respectively.
The report identifies electronics, health-care and household products as key end-product markets that will lead the growth in coming years. It also predicts that prices for finished plastics products overall will increase in 1995, due to the continued rises in resin prices, but should level off from 1996-1998.
Black Clawson Sano buys winder maker
AMELIA, OHIO - Blown film equipment maker Black Clawson Sano Inc. has beefed up its winding technology by purchasing a Swiss supplier of high-speed surface winders, Afex-Wintech AG.
Black Clawson Sano, based in Amelia, a Cincinnati suburb, already makes turret winding equipment. With the purchase, Black Clawson Sano adds surface winding technology and a European base to market its blown film, cast film and specialty coating equipment, according to President Cary Landegger. Afex-Wintech is based in Uznach, Switzerland.
Black Clawson Sano will make winders sold in the United States at its Amelia plant. Winders for the European and Asian markets will be built in Europe. Terms were not disclosed.
Imprisoned Corrigan convicted yet again
GENEVA, ILL. - Arthur M. Corrigan, already serving a six-year prison sentence for stealing hundreds of thousands of dollars from Dancor International Ltd., a former plastics broker, has been convicted of theft by deception in a home building case.
Kane County Circuit Judge Barry Puklin found Corrigan, 40, guilty June 29, after a two-day trial in Geneva. He was charged with stealing $3,000 from a couple who employed Corrigan's Signature Homes Inc. to build a home in St. Charles, Ill. They reimbursed Corrigan that amount for doors and trim, which he never delivered, according to Thomas Stanfa, assistant state's attorney for Kane County, Ill. Corrigan's lawyer, Glenn Sowa of Geneva, said the case should have been a civil matter between the home buyers and Corrigan, not a criminal one.
In 1993, Corrigan pleaded guilty to stealing more than $212,000 from Dancor, of which he was 30 percent owner. His partner, Dan Frawley, owned 70 percent. Corrigan was sentenced to six years in prison and fined $986,000.
Authorities said Corrigan committed the home building theft while he was awaiting sentencing for the Dancor theft.
Dancor of Westchester, Ill., went out of business. The Frawleys opened a plastics brokerage firm, Frawley Trading Corp., in Chicago.
Compounder adding production space
MILLINGTON, MD. - Bay Resins of Millington is increasing production space at its plant.
Although the company is adding 30,000 square feet to its 70,000-square-foot facility, the volume at the plant should nearly double, according to Robert Storey, vice president and general manager of the compounder. He said the space will be used to install a new large-capacity extruder, to upgrade the color laboratory and pilot extrusion lines, and for warehousing.
The firm compounds ABS, nylon, polycarbonate and polyethylenes for automotive, home and garden markets. Total annual sales are about $20 million, Storey said.