MEXICO CITY - Pepsi-Cola bottler Grupo Embotellador de Mexico SA de CV reports investing about US$12 million in the first quarter of 1996, part of it on new Cincinnati Milacron injection machines to make twist-off bottle caps. The capital spending included the establishment of a new soft drink plant in Canc£n, and the completion of a new purified-water bottling plant in Acapulco for subsidiary Electropura, Mexico's biggest water bottler.
Mexico City-based Gemex, Pepsi's biggest bottler outside the United States, also launched a new noncarbonated soft drink, Power Punch, in nonreturnable PET bottles with twist-off caps during the quarter.
Last year Gemex's plastics offshoot Procesos Pl sticos SA de CV placed a US$3.4 million order for 11 injection machines for polypropylene/high density polyethylene cap making with Cincinnati Milacron's Miami-based Latin American agent, Plastec USA Inc.
Gemex also is buying closure molds from Crown Cork & Seal Inc. of Philadelphia, and cap lining and cutting equipment from Italy. Meanwhile, Gemex continued to show the effects of Mexico's December 1994 peso devaluation crisis with first quarter sales down by nearly 14 percent.
AT Plastics Inc. closes equity offering
BRAMPTON, ONTARIO - AT Plastics Inc. closed on April 30 a share issue to partly fund a recently announced expansion of its Edmonton, Alberta, ethylene copolymer resin production plant.
The Brampton firm also said its shares began trading on the American Stock Exchange April 18 under the symbol ATJ. It has traded on the Toronto Stock Exchange under the symbol ATP.
AT said April 18 that it agreed to sell C$30.6 million (US$22.5 million) worth of common shares to an underwriting group led by CIBC Wood Gundy Securities Inc. of Toronto. Others involved include First Marathon Securities Ltd., Midland Walwyn Capital Inc., ScotiaMcLeod Inc. and First Analysis Securities Corp.
Resin and film producer AT will issue 2.5 million shares at C$12.25 (US$9) each and will grant the underwriters an overallotment option to buy 125,000 more shares at that price.
The firm plans to expand its Edmonton facility by 70 percent to 319 million pounds of resin per year at a cost of about C$120 million (US$88.2 million).
It scheduled the start of the expansion for fall 1998. It will fund the project from the share offering, internally generated funds and with debt.
AT filed a preliminary prospectus for the offering in Ontario and with the Securities and Exchange Commission in the United States. It also plans to file the prospectus in other Canadian provinces.
Novacor renamed Nova Chemicals Inc.
CALGARY, ALBERTA - Resin supplier Novacor Chemicals Inc. changed its name to Nova Chemicals Inc., effective May 1, to increase awareness that the firm is a subsidiary of Nova Corp., an integrated natural gas, petrochemicals and plastics firm based in Calgary, Alberta.
Resin supplier Novacor Chemicals Ltd. also changed its name, to Nova Chemicals Ltd.
Haysite, union reach labor agreement
ERIE, PA. - Haysite Reinforced Plastics, headquartered in Erie, has signed a three-year labor agreement with the International Association of Machinists and Aerospace Workers.
Haysite, a unit of Alco Industries Inc., develops and processes reinforced thermoset composite materials. Alco Industries is headquartered in Valley Forge, Pa. Product lines include sheet products, pultruded shapes, custom compression, transfer, injection molded parts, sheet molding compounds and bulk molding compounds.
Without the early signing, the contract would have expired Sept. 15.
Chruchill buys Novan patents, licenses
BUFFALO, N.Y. - Churchill Technology Inc. of Buffalo has purchased vestiges of Novon Specialty Polymers, a former division of Warner-Lambert Co.
Bertha Mitchell, chief financial officer of Churchill, said the purchase included patents and licensing rights for all Novon products in Australia, New Zealand, and Japan.
Warner-Lambert had retained the rights in the three countries after Churchill bought Novon Specialty and established it as Novon International Inc., a subsidiary that makes specialty additives and biodegradable resins. Churchill had obtained the intellectual property and licensing rights in all other markets at the time of that purchase.
The patents and licenses are for Novon's line of starch-based biodegradable loose-fill packaging.
Mitchell said the company expects to realize $800,000 in new annual income from the purchase.