PN adjusts PVC's price on resin chart
AKRON, OHIO — PVC resin prices on Plastics News' resin pricing chart were adjusted by 2 cents this week to more accurately reflect invoice prices.
The 2 cent downward reduction does not indicate a 2 cent reduction in the PVC market, which has seen a 4 cent drop since July.
Although some PVC buyers reported seeing an additional 1 cent reduction in September, suppliers said these drops were most likely experienced by customers who did not receive earlier reductions. Improving export markets and a shrinking spot market helped to solidify prices in September, industry officials said.
Major PVC makers, led by Shintech Inc. of Houston, are currently trying to raise prices by 2 cents Oct. 1, 1 cent Nov. 1 and 1 cent Dec. 1.
First Brands shutting down Conn. office
EAST HARTFORD, CONN. — First Brands Corp. is relocating its engineering staff from East Hartford and closing the office and warehouse there.
The consumer products major scheduled Oct. 10 for the East Hartford closure, according to spokesman Paul Stansel. Engineers are going to First Brands' Kennesaw, Ga., facility, a large producer of Glad plastic packaging. Other employees are relocating to the Danbury, Conn., head office; some took early retirement and an undisclosed number of the 100 staff members in East Hartford are losing their jobs.
Stansel said in a telephone interview that the shutdown is part of a corporatewide restructuring to improve efficiency. Manufacturing operations will not be affected by the program, he added. The East Hartford facility is for sale.
Until several years ago, First Brands made Glad bags and wrap at East Hartford. It moved most of the production to a new plant in Amherst, Va., near Lynchburg.
Creditors attempt blocking Summit sale
WORCESTER, MASS. — As a bankruptcy court hearing nears to approve the sale of Summit Plastic Solutions Inc., unsecured creditors have formally moved to block the sale.
The group claims the current bid of $5.2 million is not enough to pay unsecured creditors, said Joseph Baldiga, a lawyer from Worcester who represents the group.
Baldiga, with the Worcester law firm of Mirick and O'Connell, filed a motion opposing the sale terms on Oct. 7.
PMC Group Inc. of Stockertown, Pa., made the bid for Summit Plastic and its Pro Corp. factory in Florence, Mass. The next step comes Oct. 15, during an auction in a U.S. Bankruptcy Court hearing in Springfield, Mass. The court will consider the creditors' motion at that meeting.
``We have solicited other offers. Hopefully there will be active bidding'' for the company, said Summit's lawyer, Howard Berman of New York. To beat the PMC offer, a bid would have to be at least $250,000 higher, Berman said.
PMC is pledging to keep the Pro factory open and retain the plant's 200 jobs. Pro is the oldest continuously operating plastics molding company in the United States, dating to the 1840s.
Berman said keeping the Florence plant open is a powerful argument favoring the deal.
``That's the most compelling fact,'' he said. ``It ensures the jobs and keeps the business as a going concern.''
Berman works at the New York firm of Greenberg, Traurig, Hoffman, Lipoff, Rosen and Quentel.
Dow, GE join in on PC price hike proposal
MIDLAND, MICH. — Dow Chemical Co. has joined GE Plastics on the list of polycarbonate makers attempting to raise prices.
Midland-based Dow announced an 8 cent-per-pound increase on most Calibre-brand PC resins and a 10 cent-per-pound increase for its Calibre resins used in film and sheet applications. The company will also attempt to raise prices on Pulse-brand engineering resins by 6 cents per pound.
Each of the increases will be effective Nov. 1.
Dow officials cited rising feedstock and manufacturing costs as reasons for the increases.
GE, of Pittsfield, Mass., had previously announced an 8 cent- per-pound increase on all grades of its Lexan-brand PC resins effective Oct. 13. PC officials at Pittsburgh-based Bayer Corp. could not be reached at press time.