InjecTec adding presses for TPE molding
CICERO, ILL.—InjecTec Inc. is investing more than $1 million to boost thermoplastic elastomer molding capacity 20-25 percent.
The firm will add a 250-ton Cincinnati Milacron press and a 400-ton HPM and automate existing TPE equipment, such as the firm's 66-ton Ferromatik injection machine.
The Cicero company expects to complete the project by the end of January, according to a company spokeswoman.
InjecTec, which will post 1997 sales of nearly $2 million, expects the project to help push that number to between $3 million and $3.5 million by the end of 1998, said Michael Szymaszek, vice president of sales and marketing.
InjecTec molds a variety of rubber and TPE parts for markets that include automotive, construction, aerospace and military.
About 20 percent of its total business is TPE-based, but that should rise to 40 percent by year-end 1998, he said. Rubber products make up the remaining sales.
The firm plans to add about 10 workers to its 30-member staff.
Toy manufacturers face antitrust suit
BROOKLYN, N.Y. — Thirty-six states, Puerto Rico and the District of Columbia have joined a complaint filed in U.S. District Court in Brooklyn alleging Toys ``R'' Us Inc. and four toy manufacturers violated antitrust laws.
The suit, announced recently by New York Attorney General Dennis Vacco, charges the companies conspired to keep a number of popular toy products off the shelves of discount stores.
Vacco claims the nation's largest toy retailer brokered an illegal agreement with Mattel Inc., Hasbro Inc., Tyco Industries and Little Tikes Co. to ensure that discount stores could get certain popular toys only in combination packs, which cost more. The Federal Trade Commission ruled earlier that the retailer and toy makers agreed to prevent discount stores from stocking some popular items.
Lorrie Paul Crum, spokeswoman for Little Tikes' parent, Rubbermaid Inc. of Wooster, Ohio, said the charge is ``absolutely without merit.'' Little Tikes is based in Hudson, Ohio.
``We support every channel of trade for our products,'' Crum said. ``We intend to fully establish that fact in court.''
Rebecca Caruso, Toys ``R'' Us vice president for corporate communications, said: ``The FTC's initial decision is under appeal and we will defend ourselves vigorously in this case as well. We are confident that ... the courts will find in our favor.''
Del-Air boosts rotomolding capacity
HUMBOLDT, SASKATCHEWAN — Del-Air Systems Ltd. is expanding space at its Humboldt plant and adding a rotational molding machine at a total cost of about US$500,000.
The firm is adding 6,000 square feet to its 30,000-square-foot plant and has purchased a new independent-arm turret, five-station rotomolding machine made by Parkland Plastics Co. of Saskatoon, Saskatchewan, said Dean Possberg, manager of Del-Air's plastics division. Del-Air rotomolds a proprietary line of ventilation equipment for agriculture uses as well as customized plastic products, such as playground equipment.
The firm, which also has three FSP clamshell machines, generated about $3.12 million in 1997 sales, he said. Del-Air probably will hire four workers to run the new machine, he added.
Nasdaq revokes Helisys stock listing
TORRANCE, CALIF.—Helisys Inc., a rapid prototyping equipment maker, has been told by the Nasdaq exchange that its securities will be delisted because the firm failed to file a 1997 annual report.
The delisting order was delayed until after a Dec. 18 Nasdaq hearing requested by Helisys to review findings.
According to the firm's Securities and Exchange Commission filings, the problem stemmed from a recent change in auditors. Former auditors Arthur Andersen & Co. refused to include an opinion for the 1996 fiscal year, and new auditors Deloitte & Touche LLP have not had sufficient time to complete their work, the Torrance-based firm said. The audit is expected to be completed by Dec. 8, the filing stated.
The firm also said Nov. 26 that it has received $1 million in capital, half of that by issuing shares valued at $500,000 to Walter Cruttenden III, chairman of Irvine, Calif.-based investment bankers Cruttenden Roth Inc. Cruttenden also guaranteed a $500,000 secondary credit line with Detroit-based Comerica Bank.
For its 1997 fiscal year, ended July 31, Helisys reported sales of $14 million and a net loss of $3 million. The firm's stock traded at 81 cents per share Nov. 25, after reaching $3.13 a year ago.