MELBOURNE, AUSTRALIA - Australian diversified manufacturer BTR Nylex Ltd., which has substantial North American plastics operations, will become a wholly owned subsidiary of its British parent, BTR plc, under a A$4.48 billion (US$3.29 billion) buyout proposal. BTR, which owns 63 percent of Melbourne-based BTR Nylex, has valued the company at A$11.8 billion (US$8.68 billion).
Alan R. Jackson, BTR chief executive and chairman of BTR Nylex, said the plan would allow BTR to develop its global strategy with a single financial, legal and management structure.
``This will eliminate possible geographic or product barriers to the expansion of both businesses and will significantly enhance BTR and BTR Nylex's potential for growth on a global basis, particularly in the rapidly expanding economies of the Pacific Rim and Southeast Asia,'' he said.
Jackson said a BTR Nylex board meeting will be convened very soon to consider the proposal.
Sales at BTR Nylex's Continental PET Technologies Inc. in Florence, Ky., and Westlake Styrene Corp. of Houston were major contributors to BTR Nylex's pre-tax profit increase of 26.2 percent to A$869.3 million (US$639.2 million) for 1994.
Bordon to close vinyl film operation
COLUMBUS, OHIO - As a part of the first phase of a three-year program designed to improved productivity, Borden Inc. of Columbus is planning to close a 30-year-old vinyl film production facility by Aug. 7.
Borden is closing its Resinite vinyl film facility in Illiopolis, Ill.
Production from that facility is being moved to Borden's six other film facilities, in Griffin, Ga., North Andover, Mass., Gainesville, Texas, Edmonton, Alberta, and West Hill, Ontario. Borden operates two film production facilities in North Andover.
Borden spokeswoman Lynn Anderson said in a telephone interview July 26 that she could not discuss the specifics of the company's productivity-improvement program, including what improvements are expected and what production capacities the company hopes to attain. While the company said the program, launched in 1994, represents a multimillion dollar investment, Anderson could not say how the investments are being made.
Also, she declined to discuss sales figures for Borden's Resinite vinyl film business, beyond saying the Resinite business is a part of a business unit that produces packaging and industrial products and reported more than $2 billion in sales in 1994.
Borden sells PVC films under the Resinite trade name to supermarkets, delicatessens and other food-service facilities, and to industrial markets.
AES on schedule to move headquaters
AKRON, OHIO - In the first week of August, Advanced Elastomers Systems LP will move the first of 150 employees to its new headquarters in Akron from St. Louis.
Robert Liskiewicz, director of markets and products for AES, said the company's planned move to a former BFGoodrich office building is proceeding on schedule. The company announced its intended move more than a year ago. It expects to be settled by the end of this year, Liskiewicz said.
AES is a joint venture between Monsanto Chemical Co. of St. Louis and Exxon Chemical Co. of Houston. It makes thermoplastic elastomers, including those sold under the Santoprene trade name.
SHI to set up service facility in China
TOKYO - Sumitomo Heavy Industries will establish a service facility for injection molding machines in Shanghai, China, in fiscal 1995, the company announced last week.
SHI of Tokyo already has a sales facility for the machines in Hong Kong, but this will be its first such operation in China.
Also, in fiscal 1996, Sumitomo Heavy Industries intends to establish an office in either Tianjin or Dalian to focus on plastic injection molding machines.
SHI currently makes 1,500 injection machines annually, about half of which are exported, including 25 percent to the United States, 15 percent to Southeast Asia and 10 percent to Hong Kong. Within two or three years, the company plans to increase production to 1,800 units, and to ship 10-15 percent to China, according to a July 26 report in Nikkan Kogyo Shimbun.