NEW YORK - A federal judge in New York has settled insider trading allegations against Donald J. Bainton, chairman and chief executive officer of Continental Can Co. On Nov. 15, U.S. District Court Judge Milton Pollack ordered final consent judgments of permanent injunction and equitable relief in the case filed against Bainton and John R. Curtin by the Securities and Exchange Commission in January 1994.
SEC alleged that Bainton communicated information relating to a negative earnings announcement to be made by Continental Can, then known as Viatech Inc., to Curtin, a longtime friend, and that Curtin allegedly sold Viatech securities using the information.
Bainton consented to the settlement without admitting or denying the allegations, and was ordered to pay a civil penalty of $30,000 under the Insider Trading and Securities Fraud Enforcement Act.
Curtin, who is president of WWF International Inc., a Greenwich, Conn., private paper trading company, also consented to the settlement, without admitting or denying the allegations in the SEC complaint.
Pollack ordered him to pay $49,084.23 including pre- and post-judgment interest and a civil penalty of $39,607.50 under the ITSFEA.
Reifenhauser gets new headquarters
LAWRENCE, MASS.-Plastic film machinery manufacturer Reifenhauser Inc. has moved from Peabody, Mass., to a new facility in Lawrence.
The move into a 35,000-square-foot, remodeled, historic building more than doubles Reifenhauser's floor space, according to Werner Hofer, chief executive officer.
``It supports Reifenhauser Inc.'s increased domestic assembly, manufacturing and equipment reconditioning services and will accommodate the continuing growth we plan in these areas,'' he said in a written statement. The former facility was 15,000 square feet.
All divisions of the company completed the move to Lawrence on Dec. 1
Reifenhauser Inc. is the North American arm of Germany's Reifenhauser GmbH & Co. Maschinenfabrik, which makes blown and cast film extrusion systems and other equipment for plastic sheet, pipe and profiles, slit tape and recycling.
The U.S. facility also reconditions single- and twin-screw extruders.
C+N Packaging buys larger facility
WYANDANCH, N.Y. - C+N Packaging Co. Inc. has purchased a 32,000-square-foot facility in Wyandanch.
The injection molder gained 10,000 square feet when it moved from a leased Deer Park, N.Y., site to an existing building on five acres in Wyandanch, said spokesman Joe Heinlein. The plant's 14 robotics-equipped presses mold plastic closures and containers, mainly for pharmaceutical and cosmetics firms, he said in a recent telephone interview.
Heinlein would not disclose sales, but C+N expects them to grow more than 10 percent this year - a rate it has maintained for the past five years, he said.
For its cosmetics customers, such as Avon Products Inc., Chanel Inc. and Revlon Inc., C+N molds mostly fragrance caps and displays.
Chris Young has owned the 24-year-old company since 1990.
Solvay buys stake in fuel tank maker
BRUSSELS, BELGIUM - Solvay SA will buy a 50 percent stake in Safiplast, an Italian producer of plastic fuel tanks for the auto industry, from Ergom Materie Plastiche SpA.
Safiplast has two plants, one in Somaglia Lodigiana, Milan, and another at Pisticci, Matera, and has annual sales of 50 billion lire ($31.4 million). Ergom bought Safiplast from EniChem three months ago.
Solvay Automotive Inc., a Troy, Mich., unit of Brussels-based Solvay SA, ranked second among North American industrial blow molders in Plastics News' 1995 survey of such firms, with related sales of $130 million.
``Today's agreement is aimed at consolidating Solvay's and Ergom's position on the plastic automobile parts market, especially regarding the Fiat group,'' according to a Solvay company statement.
Terms of the deal were not disclosed.