ELYRIA, OHIO - A management group formally has completed its purchase of the injection molding and reaction injection molding businesses of General Industries Inc. of Elyria. The new firm is called G.I. Plastek Inc. G.I. Plastek will keep corporate headquarters in Elyria. Injection molding plants are in Marysville and Bellville, Ohio. The firm has a decorating and assembly plant in Marysville. The RIM plant is in Newburyport, Mass.
General Industries' parent, Industries General Corp., has filed for Chapter 11 reorganization under the U.S. Bankruptcy Code.
Group leader James Lynam, president and chief executive officer of G.I. Plastek, said company operations continued without disruption during the sale.
``As an independent company unburdened by Industrial General Corp.'s debt structure, G.I. Plastek will have the opportunity to realize the full potential of our business,'' Lynam said.
