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News
November 25, 1996 01:00 AM

TARXIEN DIRECTORS SUGGEST GECAMEX BID

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    A new company said Nov. 19 it has agreed to buy four Delphi Interior & Lighting Systems component facilities from General Motors Corp., with the intention of launching a $1 billion automotive interior components manufacturer. Peregrine Inc., formed by the investment firm Joseph Littlejohn & Levy and Edward J. Gulda, an executive formerly with automotive supplier Varity Kelsey-Hayes Inc., said its headquarters will be in Southfield, Mich.

    Peregrine said in a prepared release it agreed to purchase Delphi plants in Flint, Mich.; Livonia, Mich.; Windsor, Ontario; and Oshawa, Ontario. The plants in Livonia and Flint are part of GM's Delphi Interior and Lighting Systems unit while the other two report to Delphi and GM of Canada.

    The plants make window regulators, door hardware, interior trim, structural plastics and metal stampings, and have 5,500 hourly and salaried employees. The plants have combined sales of $1 billion a year.

    The company said it initially will have supply contracts with General Motors, and intends to pursue contracts for automotive interior components with other automakers in the future.

    Gulda will be the chief executive officer for the new company.

    He said he expects the acquisitions to be complete by the end of this year.

    Terms were not disclosed.

    For the second time in four months, CertainTeed Corp. has purchased one of its licensed window fabricators, this one near Detroit.

    CertainTeed extrudes vinyl profiles and sells them to fabricators, which assemble them into finished windows. CertainTeed announced Nov. 18 that it bought the assets of Fashonwall Products Co. Inc. of Wixom, Mich. Terms were not disclosed.

    Fashonwall was CertainTeed's first licensed window fabricator, beginning in 1979. The 70,000-square-foot Michigan plant employs 90 people making windows for remodeling and new construction.

    Larry Patterson, vice president and general manager of CertainTeed's window business, said the purchase will help CertainTeed ``strengthen the market position of its window business in Michigan and northern Indiana.''

    The new Fashonwall general manager will be Putnam Renwick, former vice president and business manager of CertainTeed's Wolverine Vinyl Siding business in Livonia, Mich.

    On Aug. 1, CertainTeed bought another licensed fabricator, B&K window Manufacturing Inc. of Woodinville, Wash. B&K serves the Northwest.

    According to Plastics News, CertainTeed is the sixth-largest window extruder in North America, with an estimated $44 million in extrusion sales. The figure does not count sales from fabrication.

    CertainTeed, based in Valley Forge, Pa., has been on a vinyl products buying spree lately. In addition to the two window fabricators, the company picked up Bufftech Inc. of Buffalo, an extruder of vinyl fence.

    Key Plastics Inc. of Novi, Mich., has purchased a 36 percent share of a Portuguese automotive plastics molder.

    Key purchased its minority interest in Materias Pl sticas SA of Leiria, Portugal, from two Portuguese venture capital companies. Terms of the transaction were not disclosed.

    Key said in a prepared statement that Materias Pl sticas is a maker of automotive radio bezels and decorative trim, with sales of $30 million. Ford of Europe Inc. is its primary customer, but the company also is a second-tier components supplier to other European automotive suppliers, Key said.

    Rui Filinto Fernandes will remain president and a director of Materias Pl sticas, and other managers will remain in place, Key said. However, Key will assume one seat on the company's three-member board of directors.

    The acquisition is Key's second in Europe this year.

    In April, Key purchased Clearplas Ltd., an automotive molder based in Coventry, England. That company now operates as Key UK.

    Key President Leonard Griffin said the acquisitions gives Key sales in Europe of nearly $70 million.

    Key Plastics executives could not be reached for further comment.

    AJAX, ONTARIO - Tarxien Corp.'s board of directors recommended that shareholders accept a new bid from Gecamex Technologies Inc. worth C$15.40 (US$11.47) per share in cash.

    The Gecamex offer bested a recent offer by PaintPlas Inc. worth C$14.50 (US$10.8). Gecamex earlier bid C$14.10 (US$10.50) per share, which Ventra Group Inc. countered with its increased bid worth about C$14.10 (US$10.50) in cash and Ventra shares.

    The latest offer from Gecamex came after an Ontario Securities Commission ruling blocked a ``poison pill'' shareholder rights plan implemented by Tarxien's board. The rights plan made Ventra's cash and share offer unacceptable and favored cash-only bids.

    Ventra Chairman Ken Nichols was unavailable to confirm a newspaper report that his company has dropped out of bidding for Tarxien because the price is too high. PaintPlas officials could not be reached to comment on whether they plan to submit another bid.

    Ajax-based Tarxien injection molds and paints plastic auto parts. PaintPlas, also of Ajax, paints plastic and metal auto parts. Ventra in Cambridge, Ontario, and Gecamex, of Leamington, each make plastic and steel auto parts.

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