Comptec aims to buy Austria's Technoplast
VANCOUVER, BRITISH COLUMBIA — Comptec Industries Ltd., a Vancouver custom injection molder, wants to buy a European company that makes vinyl window machinery.
Comptec announced Feb. 10 it signed a letter of intent to acquire 55 percent of Technoplast Kunststofftechnik GmbH of Micheldorf, Austria. The transaction is scheduled to close by April 30, for US$11 million.
The announcement follows Comptec's move into window extrusion earlier this year, when Comptec bought the assets of BFN Vinyl Pacific Inc. of Parksville, British Columbia.
Comptec officials believe the plastics extrusion business has significant growth potential. The company, traded on the Vancouver Stock Exchange, injection molds products for the telecommunications, automotive and consumer electronics industry.
Family-owned Technoplast employs 180 people in Austria making machines and tools to make vinyl windows. A wholly owned Technoplast subsidiary in Slovakia employs another 80 people.
Siegfried Politsch, Technoplast president and founder, will join Comptec's board of directors.
The $11 million purchase price breaks down as $2 million in Comptec common stock payable at closing, $1 million in Comptec stock payable one year from closing, and a total of $8 million in cash infusions into Technoplast within the first year after closing.
GE Plastics acquires Italian compounder
BERGEN OP ZOOM, THE NETHERLANDS— GE Plastics expanded its European thermoplastics compounding capacity with the March 17 purchase of Resinmec SpA.
The 120-employee Italian firm, bought for an undisclosed sum from Lonza AG of Basil, Switzerland, has factories at Bergamo and Cremona, Italy, and annual sales of $30 million. Nylon compounds make up a significant portion of its product portfolio.
The operations will be renamed GEP Resinmec. Enzo Boerci is the unit's new managing director. Pittsfield, Mass.-based GE Plastics' European headquarters is in Bergen op Zoom.
Equipment producer adding resin dryers
MISSISSAUGA, ONTARIO — Cavac Sehes Inc. has entered the thermoplastic resin dryer market and moved to a larger facility in Mississauga.
CSI offers hot air dryers and dryer hoppers in addition to its existing pneumatic conveying and blending equipment, according to Douglas Hamilton, vice president of the privately held firm.
Hamilton said CSI's new, 23,000-square-foot facility is more than twice as large as the one it vacated in mid-February.
The extra space will allow the company to do more fabrication in-house.
CSI also beefed up its engineering staff to support its new product line and its expanded fabrication.