CHARLEROI, PA. - Assets of plastic sheet manufacturer Genesis Plastics Inc. will be auctioned at a bankruptcy sale Nov. 29 in Charleroi by Daley-Hodkin Corp. of Melville, N.Y. Genesis, which retrofitted the 110,000-square-foot Charleroi plant in 1993 to make post-consumer PET sheet, voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code on Aug. 24, 1994, said a spokesman in Pittsburgh for the U.S. Bankruptcy Court, Western District of Pennsylvania.
Calls to the company seeking comment were not returned.
Assets to be sold include five Illig thermoforming lines, three sheet extrusion lines, a pelletizing line, eight extruders, granulators, a food-science and quality-control lab, a machine shop and more than 150,000 pounds of PET regrind.
Amko Plastics files for reorganization
CINCINNATI - Amko Plastics Inc. of Cincinnati voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
The petition was filed Nov. 7 in the U.S. Bankruptcy Court for the Southern District of Ohio in Cincinnati.
George A. Makrauer, president and chief executive officer, said Amko remains open for business despite ``an unprecedented decline in revenues from retail store customers.''
``We are in business to stay, and our restructured business mix provides a strong focus on our core profitable business,'' he said.
The 28-year-old firm now is focusing on retail packaging, preform envelopes and high-performance films, he said.
According to Makrauer, the company ``took on a debt burden that it can no longer sustain.'' The debt is tied to an expansion to increase its food and consumer packaging business, he said.
Amko is a maker of plastic bags and films for retail store, food and consumer packaging. The firm, which employs 330, reported sales of $32 million for the fiscal year ended June 30.
Fiberlux sells fabrication operation
PURCHASE, N.Y. - Vinyl profile extruder Fiberlux Inc. of Purchase sold its South Bend, Ind., fabrication operation to a newly created company called Midwest Windows & Doors Inc. Officials did not disclose terms of the Oct. 27 deal.
Fiberlux sold the fabricator to concentrate on extrusion, according to Thomas Phillips, a spokesman for Tredegar Industries Inc., Fiberlux's parent. It will continue to supply Midwest and other fabricators, he said in a telephone interview.
Phillips would not confirm Plastics News' estimate of $18 million for Fiberlux's 1994 sales. He said the South Bend operation employs 46 and Fiberlux has about 60 employees at its Pawling, N.Y., extrusion plant, its only remaining production facility.
Midwest is owned by Jim Lesko, its president and former South Bend manager, and a group of local businesspeople.
Phillips said Fiberlux is not for sale. Tredegar, of Richmond, Va., said in July that it is considering selling its Molded Products Co. injection molding subsidiary.
Smith Fiberglass targets Chinese markets
LITTLE ROCK, ARK. - Smith Fiberglass Products Inc. of Little Rock and Harbin Composites Corp. of Harbin, China, have formed a joint venture to supply fiberglass-reinforced pipe to the oil industry in northeastern China.
The venture will supply medium- and high-pressure pipe and fittings and occupy a 23,000-square-foot plant in Harbin. Production is slated to begin in the spring, according to a news release from Smith Fiberglass.
Smith Fiberglass, which also has a Wichita, Kan., facility, is a subsidiary of A.O. Smith Corp. of Milwaukee.
Seda proceeds with ASC acquisition
LOS ANGELES - Seda Specialty Packaging Corp. is now moving ahead with its acquisition of Plattsburgh, N.Y.-based American Safety Closure Corp., after resolving a dispute with ASC Managing Partners.
Both parties in the case, filed in U.S. District Court in New York, have filed for dismissal of the action brought by Los Angeles-based Seda. Seda, which had $30 million in sales with one California plant in 1994, produces specialty closure and packaging to the personal-care, food and beverage and pharmaceutical industries. American Safety Closure's Arpack Plastics Inc. plant in Plattsburgh did $10 million in business in 1994.
