CALGARY, ALBERTA — Nova Chemicals Ltd. claimed Dec. 5 that it has developed new polyethylene production technology that will challenge metallocene-catalyzed resins. The Calgary firm said the advanced Sclairtech process can yield PE products ``as good as or better'' than metallocene resins with densities above 0.905, in many applications. Nova Chemicals President Dan Boivin said the new resins do not require new processing equipment. The technology is based on a new high-intensity reactor and novel catalysts, the firm said.
CINCINNATI — Amko Plastics Inc.'s reorganization plan is scheduled to be heard Dec. 13 in U.S. Bankruptcy Court. The Cincinnati film and bag maker filed for protection under Chapter 11 of the bankruptcy code about a year ago.
Amko's plan includes its acquisition by a new company that is about 75 percent owned by privately held Fisher Investment Group of Cincinnati.
Current Amko investors would invest as much as $1 million to get a 25 percent interest in the new company. Unsecured creditors owed about $3.6 million would get 30-40 cents on the dollar, according to Scott Avila, account representative with turnaround specialist Ballenger Budetti & Associates of Los Angeles. Secured creditors Star Bank and Bank One would get the $17.7 million Amko owed them when it filed for protection.
Avila said the court must approve the adequacy of disclosure documents in Amko's reorganization plan before it is submitted to creditors. He had no schedule of when creditors would vote on the plan.
Plastics News estimated Amko's sales at $33.6 million for the year ended June 30, in its recent ranking of North American film and sheet manufacturers.
RICHMOND, VA. — American Filtrona Corp. said it will continue negotiations with WBT Holdings LLC, now that a lawsuit that had put acquisition talks on hold has been resolved.
The litigation was settled Nov. 27.
WBT Holdings, a corporation owned by family trusts of the late Walter Bunzl, had offered $43 per share for Richmond- based American Filtrona. However, beneficiaries of the Rudolph Bunzl trust had filed a lawsuit against the president of WBT Holdings, Bennett Kight, who was also a Bunzl trustee. The beneficiaries alleged that Kight was working in favor of the Walter Bunzl family trusts and in opposition to the interests of the Rudolph Bunzl trusts. Rudolph Bunzl is a retired Filtrona chairman and still serves on Filtrona's board.
As part of the settlement, Kight no longer serves as a trustee for the Rudolph Bunzl family.
American Filtrona officials would not say whether WBT still is offering $43 per share.
MINNEAPOLIS — Bemis Co. Inc. of Minneapolis plans to buy Paramount Packaging Corp. of Chalfont, Pa.
Bemis, a manufacturer of flexible packaging and pressure- sensitive materials, had 1995 corporate sales of $1.5 billion. The firm ranked second in Plastics News' Sept. 16 survey of North American film and sheet manufacturers, with related sales of $731 million.
Bemis uses polyethylene and polypropylene in its products for the food packaging, medical and pharmaceutical, display, barrier film, label and lamination markets.
Privately owned Paramount has sales of about $130 million and makes flexible packaging. The firm also makes PE and PP and products for bags and diapers.
Paramount officials would not comment on the acquisition, which is subject to governmental approval and the execution of a definitive written agreement.