IntePac stock issue to fund expansion
TORONTO — IntePac Corp. will raise about C$600,000 (US$438,000) to expand its protective packaging business.
The Toronto firm uses contract blow molders in the Toronto area and in the United States to make its AirfloPac R hollow shapes for cushioning fragile goods like electronic equipment. AirfloPac components are designed to fit specific products and are connectable to spread out the weight of a product. They are made of recycled low density polyethylene.
IntePac President Greig Clark said his firm's sales are doubling annually and its customer list has expanded to include Xerox Corp. and Motorola Inc.
Clark said his firm will invest new funds to grow its sales and marketing team, build new blow molds, expand its patents to offshore countries and cancel its outstanding preferred shares.
IntePac will sell shareholders rights to about 32 million common shares. Its stock trades on the Alberta Stock Exchange.
Electrolux downsizing affects plastics units
STOCKHOLM, SWEDEN — As many as 1,300 jobs could be lost at two AB Electrolux plants in England, one producing refrigerators and the other vacuum cleaners.
The firm's Electrolux U.K. subsidiary told 650 workers at its refrigerator plant in Spennymoor and a similar number at its Floorcare vacuum cleaner factory in Luton that the plants may close.
The firm said it will announce the plants' fate in several months. At Spennymoor, it vacuum forms interior refrigerator moldings, like door liners, and injection molds smaller plastic components.
In June, Stockholm-based AB Electrolux announced the two-year restructuring plan that will involve shutting down around 25 plants and 50 warehouses, with a loss of about 12,000 jobs.
The plan already is under way at 15 production sites and an undisclosed number of warehouses and sales units worldwide.
Polypipe acquisitions solidify main markets
DONCASTER, ENGLAND — Polypipe plc has extended its business into plastic pipe for civil engineering and bathroom fittings.
Polypipe bought B&H (Loughborough) Ltd. of Loughborough, England, a plastic pipe and fittings maker for $8.75 million. The firm also bought toilet seat compression molder Celmac Group Ltd. of Manchester, England, for $17.3 million.
With the additions, Doncaster-based Polypipe claims to be the United Kingdom's market leader in the manufacture and distribution of both large-diameter civil engineering pipe and toilet seats.
The firm also molds garden furniture, and does pipe extrusion in France and Poland.
Ohio plastics group seeks energy relief
HOUSTON — Enron Energy Services and the Plastics Processors Association of Ohio have formed an alliance to provide integrated energy solutions to PPA members.
Houston-based EES will help PPA members cut energy costs by evaluating equipment upgrades, financing capital improvements, and preparing for a deregulated energy marketplace.
PPA is based in Akron, Ohio. EES is a subsidiary of Enron Corp. of Houston, which purchases and markets natural gas.
IPO nets $8.7 million for California molder
GARDENA, CALIF. — Compass Plastics & Technologies Inc. of Gardena netted $8.69 million from an initial public offering of 1.2 million shares of common stock. The offering price was $8 per share.
Trading began Sept. 4 on the Nasdaq exchange. The company plans to use about $4 million to repay debt to Sirrom Investments Inc. of Nashville, Tenn.; $2.6 million to equip its new maquiladora AB Pl sticos SA de CV injection molding facility in Tijuana, Mexico; and $1.3 million to finish building a warehouse and distribution unit next to its Gardena plant.
Compass subsidiary AB Plastics Corp. molds parts for computer monitors and television sets. Compass had profit of $1.2 million on sales of $20.2 million for the 26 weeks ended April 27.
