As a deadline clock continues to tick to find a buyer or close down Summit Plastic Solutions Inc. in Florence, Mass., an Ohio-based molder, G.I. Plastek Inc., has hired Terry Minnick and two other former top executives of Summit to drum up East Coast business.
Officials of G.I. Plastek, based in Elyria, Ohio, made the announcement Aug. 7. G.I. Plastek is setting up an office in Florence.
G.I. Plastek and Summit share many of the same markets, including housings for computers and other business machines. A company spokesman said G.I. Plastek hopes the move will generate sales of $3 million to $5 million.
G.I. Plastek has no interest in buying and running either Summit factory, the spokesman said.
In early July, Summit's majority owner, Mesirow Private Equity Investments Inc. of Chicago, removed Minnick as chairman and chief executive officer. Mesirow brought in interim management, with the charge of finding a buyer within 60 days or closing down Summit, which runs injection molding factories in Florence (formerly called Pro Corp.) and Daytona Beach, Fla. (Apogee Plastic Technologies Inc.).
Minnick and Daniel Kerkhoff, former Summit vice president of sales, have set up a consulting business. Contacted Aug. 7, Minnick said the two are working as consultants for G.I. Plastek, and not on a full-time basis.
G.I. Plastek also hired Patrick McGrath, former project engineer at Summit. McGrath is now an employee of G.I. Plastek.
Minnick said he still wants Pro Corp. to remain in operation, with Florence workers.
Minnick, who bought Pro in 1989, then in late 1994 brought in Mesirow and other investors, still owns part of the company.
``I certainly am not trying to take any business away from Summit, ever, because I hope that the company stays open,'' Minnick said. ``But when a company files a Chapter 11 [bankruptcy] and the interim management announces to the world that they are going to shut down, a lot of customers are going to run for the door.''
Minnick said he will not contact customers that still buy from Summit Plastic Solutions.
A spokesman for Mesirow referred questions to Steve Victor, interim chief financial officer at Summit in Florence. Victor did not return a telephone call for this story.