Five years ago this week in Plastics News:
General Motors Corp. said it will close 21 factories and eliminate 74,000 jobs to reduce excess capacity. Suppliers and analysts said GM might increase outsourcing but that strategy could be limited by its labor contracts.
Crown Cork & Seal Co. Inc. made an $18-per-share acquisition offer for Van Dorn Co. The firms completed the deal in April 1993 for $21 a share. Crown Cork then sold Van Dorn Plastic Machinery Co. to Mannesmann Demag AG and kept Van Dorn's can-making business.
Tucker Housewares completed a $10 million expansion a year after Mobil Chemical Co. bought the business from Hanson plc. (In February 1996, Mobil sold Tucker to Zeta Consumer Products Corp.)