TORONTO - A bankruptcy trustee plans to sell the assets of long-time proprietary and custom injection molder Cluthe Industries Ltd. based in Waterloo, Ontario. Cluthe Industries was petitioned into bankruptcy Dec. 15 by a financial institution, according to Wayne Brohman, account representative with the Waterloo office of Coopers & Lybrand.
Cluthe had liabilities of about C$6 million (US$4.4 million) and assets totalling about C$2 million (US$1.5 million).
Brohman said the decision to sell the assets arose from a Jan. 29 creditors' meeting. Coopers & Lybrand will try to sell the assets as one parcel, but it will consider selling assets piecemeal if it is not able to find a single buyer. A list of assets was not available last week.
Cluthe, which was established in 1939, employed about 150, down from about 200 several years ago, according to the Canadian Plastics Di.
The company's proprietary products had included housewares, hardware, tools, tackle boxes and furniture parts.
Brohman said the Cluthe family recently owned a minority of the private company's shares.
One of its former principals, George Cluthe, received SPI Canada's CanPlast Award in 1985 for leadership in the plastics industry.
Former company officials could not be reached for comment last week before deadline.