Kerr negotiating with potential buyers
LANCASTER, PA.—Kerr Group Inc. announced it is discussing the possible sale of the company with several undisclosed third parties.
Kerr also is continuing negotiations with lenders regarding restructuring of its debt, according to a June 16 news release the company issued in response to recent stock activity.
The Lancaster-based plastics packaging manufacturer defaulted in March on financial covenants under loan agreements for $50.9 million of unsecured debt.
The company owns manufacturing plants in Ahoskie, N.C., and Lancaster, and leases facilities in Jackson, Tenn., and Bowling Green, Ky.
Canadian packager CCL acquired Seda
TORONTO—CCL Industries Inc. of Toronto has agreed to purchase Seda Specialty Packaging Corp. of Los Angeles in a deal valued at US$185 million and financed primarily with debt.
The transaction is expected to be completed by the end of July, CCL said in a June 17 news release. CCL has sales of more than C$1 billion (US$720 million) and is a custom manufacturer of plastic containers and labels, and aluminum tubing.
Seda, with 1997 sales projected at US$70 million, makes flexible polyethylene tubes for personal-care and pharmaceutical applications, plastic caps, closures, jars and bottles. It has manufacturing facilities in Los Angeles and Plattsburgh, N.Y.
CCL said Shawn Sedaghat, Seda chairman, president and chief executive officer, will continue to lead the packaging business, which will become part of CCL's Container Manufacturing Division.
Key Tronic board appoints new chief
SPOKANE, WASH. — In a management change announced June 18, independent computer-keyboard manufacturer Key Tronic Corp. of Spokane named Jack W. Oehlke, 51, as chief executive replacing Fred W. Wenninger, 58.
Key Tronic's board acted in the wake of a slowdown in sales, intense pricing pressures and a sliding stock value.
Oehlke joined the firm in 1993, held positions as vice president of manufacturing operations and senior vice president of operations and, since October 1995, has been chief operating officer. He was with Honeywell Inc.'s Microswitch Division from 1968-93, lastly as director of operations.
Wenninger was named Key Tronic's president, CEO and a director in September 1995. He was president and CEO of Iomega Corp. from 1989-94.
Within a month, Key Tronic directors plan to address organizational issues, including whether to fill the position of president.
WVU plans $6.5 million plastics center
CHICAGO — West Virginia University at Parkersburg will spend $6.5 million to create a plastics training center offering degrees in manufacturing processes aimed at the chemical and environmental technology industries.
The 55,000-square-foot Caperton Center for Applied Technology will open in early 1998, according to Tom Linder, executive director of the Polymer Alliance Zone, a state-industry partnership created in 1996 to boost plastics in a three-county area of West Virginia.
The curriculum is being developed, but the center is likely to offer a two-year program at first and later expand to a four-year program, he said in an interview at NPE, held June 16-20 in Chicago.
Caperton Center, which will include programs in plastics technology and chemical laboratory work, will be managed jointly by the university and the Wood County Schools.
The alliance includes DuPont Co., Dow Plastics and Shell Chemical Co. Linder is a DuPont employee who has been loaned to the PAZ partnership for three years.
West Virginia University's main campus in Morgantown also is developing a four-year program in polymer science, he said.
NPE 1997 registration tops '94 numbers
CHICAGO — The Wednesday, June 18, registration figure for NPE 1997 topped off at 3,343 people, bringing the Chicago show's midweek registrations to 79,822. That tabulation, taken June 18 at 4 p.m., is 12,772 attendees ahead of NPE '94 numbers for the same point in time.
The huge plastics exhibition, which ran June 16-20 at Chicago's McCormick Place, is held every three years.