TOLEDO, OHIO - Building products manufacturer Owens Corning plans to build a fourth plant in China. The Toledo-based company will make its Foamular brand of extruded polystyrene insulation in a joint venture with Jiangsu New Construction Materials Industry Park Development Corp.
The venture, called Owens Corning (Jiangsu) XPS Foam Co. Ltd., will construct a factory in Nanjing with an annual output of 3.5 million cubic feet of foam insulation.
"Jiangsu is determined to become China's model province for energy-efficient constructions," said Ben Yau, managing director of Building Materials for Owens Corning Asia Pacific. "The province has set an initial target of having 5 percent of all new building projects become energy-efficient constructions every year."
Owens Corning expects the plant to be completed by early 1997. It has three other plants in China: a facility in Changchun that makes fiber-reinforced pipe and two plants making fiberglass insulation materials, in Guangzhou and Shanghai.
BASF plans North American ABS plant
MOUNT OLIVE, N.J. - BASF Corp. was to announce March 15 plans to build a specialty styrenics plant in North America to produce 300 million pounds of ABS, acrylonitrile/styrene/acrylate and styrene acrylonitrile resins a year.
BASF, based in Mount Olive, said production will begin in the second half of 1998. The company said it will use a new, proprietary product to make ABS resins.
BASF has not chosen a site for the North American specialty styrenics facility, but noted it is building a polystyrene facility, with capacity of 315 million pounds of PS per year, in Altamira, Mexico. That facility is to begin production in 1997.
Partners sell Cape Composites Inc.
SAN DIEGO - Cape Composites Inc. was acquired March 1 from three of the company's five original partners for undisclosed terms by Dave Abrams, a business developer, and Mark Snyder, an attorney and chemical engineer.
Virgil Jaenicke, Rex Gosnell and Leonard Suffredini sold the San Diego specialty materials development and component fabrication business they helped form in 1984. Jaenicke remains as general manager, and Gosnell and Suffredini will continue as consultants to Cape Composites.
Abrams has been named president, succeeding Jaenicke, and Snyder is as executive vice president.
Cape Composites employs 24 and operates hydraulic platen presses, unidirectional and fabric prepreg lines, ovens, film casting machines, fabric tow chopping machines and a physical, chemical and mechanical test laboratory in a 10,000- square-foot facility.
M.A. Hanna acquires U.k. compounder
CLEVELAND - M.A. Hanna Co. announced March 14 it acquired Victor International Plastics Ltd., a producer of color masterbatch products, from Rexam plc of London.
Victor operates masterbatch facilities in London, Manchester and Coventry, England, producing 55 million pounds of color masterbatch products for injection molding and blow molding applications. The company employs 180, and reports sales of about $50 million a year.
Cleveland-based Hanna operates 11 processing facilities in Europe, and Victor is its first operation in the United Kingdom.
Seda hires financial firm to plan growth
LOS ANGELES - Seda Specialty Packaging Corp., has retained a financial advisory firm to help with acquisitions and financial matters.
F.M. Roberts & Co. of Los Angeles has been retained by Seda, but neither company would discuss what acquisitions or financial arrangements might be planned.
Fred Roberts, president of F.M. Roberts & Co., said in a telephone interview that he plans to assist Seda in both extending its current scope and acquiring similar product lines of companies.
``Essentially, we are ringing the dinner bell by announcing our partnership,'' Roberts said. ``We have looked at a number of companies already, many of which have attractive attributes, but also baggage that outweighs those attributes.''
Roberts said there is no certain target for acquisition yet, and that he also will lend advice on how Seda can improve internally.
Seda manufactures bags, tubes, containers and other specialty plastic packaging for the personal care, food and beverage, household and industrial, and chemical and pharmaceutical industries.