EL PASO, TEXAS - Capco Plastics Inc., a Providence, R.I.-based thermoformer, is expanding and adding machinery to its El Paso plant. The $750,000 expansion will be complete by the end of the year. Because of increased business making trays for the assembly, storage and transportation businesses, the El Paso plant is doubling its 9,600-square-foot plant and adding several employees to its staff of nine. One machine being added is a high- speed Armac thermoformer.
Capco's 40,000-square-foot Providence plant has 60 employees and eight thermoforming machines. The firm is a custom manufacturer of thermoformed clamshell and blister packaging, trifold closures and trays. The company offers in-house tooling.
Capco, founded in 1978, serves the automotive, electronic, medical, hardware and toy markets with parts made from PVC, PET, glycol-modified PET and polystyrene.
Rexene rejects second Huntsman bid
DALLAS - After its second rejection in three weeks, jilted Huntsman Corp. said Aug. 6 it again is considering its options in its pursuit of Rexene Corp.
Huntsman on Aug. 1 offered $462 million - $15 per share, plus assumption of $175 million in debt.
Previously, Huntsman offered $442 million - $14 per share plus the $175 million in debt - for the Dallas company. Rexene's directors rejected that offer July 22.
Before its offers, Rexene's shares traded at $9 per share. As of Aug. 7, Rexene's shares traded at $12.25.
Rexene said its directors rejected the latest offer Aug. 5 because they continue to believe the company's current strategy is providing its shareholders far better value than $15 per share.
Jon M. Huntsman, chairman of the privately held, Salt Lake City-based eponymous company, said in a prepared statement he believed Rexene's rejection was harmful to its shareholders' best interests.
Intertape acquires Autgust Bag. Co.
MONTREAL - Intertape Polymer Group Inc. expanded its flexible intermediate bulk container business by acquiring Augusta Bag Co. of Evans, Ga.
Montreal-based Intertape did not release terms of the deal in an Aug. 6 announcement.
Augusta Bag fabricates its containers using woven polyolefins such as those Intertape produces at its Truro, Nova Scotia, facility. In 1993, Intertape diversified into woven polyolefin intermediate bulk containers when it purchased Cajun Bag & Supply Co. of Crowley, La. Its Crowley plant also makes components that Augusta Bag can use in its containers.
Intertape wants to be North America's leader in flexible intermediate bulk containers. It said Augusta Bag's modular production process allows it to supply mass-production quantities of customized containers in a short response time.
Intertape recently reported sales of C$121 million (US$88.3 million) and profit of C$13.5 million (US$9.9 million) for the six months ended June 30. Its other businesses include stretch wrap, carton sealing tape and other polyolefin packaging products.
Injection molder Trinity adds presses
FORT WORTH, TEXAS - Fort Worth-based injection molding firm Trinity Plastics Inc. added two presses in July and will complete an expansion in November. Officials would not disclose the cost of the expansion.
``We've had increased sales with existing customers and a great increase in demand in the computer, automotive, recreation and health and fitness markets,'' said sales manager John James.
After putting the expansion on hold, Trinity's owners decided to move forward when business kept increasing, James said. Trinity added 950-ton and 700-ton presses in mid-July. The firm operates 32 machines using all thermoplastic resins.
A 50,000-square-foot addition to the plant's current 55,000- square-feet is expected to be completed in November. In addition, Trinity leases 30,000-square-feet in a separate building.
The company has 165 employees and plans to add more workers. Trinity reported sales of $14 million for the year ended Nov. 30.