A new company has bought up the equipment and moved into the location of bankrupt Colonial Plastics Manufacturing Co. in Tampa, Fla.
Heritage Plastics South Inc. is a new venture formed by Charles H. McCort, president of Heritage Plastics in Carrollton, Ohio, and Mark R. Buck, a former vice president of the Carlon electrical products division of Cleveland-based Lamson & Sessions Co.
Buck will be president of the new operation; McCort will be chief executive officer. HPS will be a separate entity, Buck said.
The new firm bought some of the assets of Colonial Plastics, and is leasing the same building from Colonial's owners. But HPS is not the same company, and Colonial's owners have no stake in the new company, Buck said in an April 14 telephone interview.
Colonial, which mainly extruded PVC pipe, filed for protection under Chapter 11 of the U.S. Bankruptcy Code on Jan. 6, 1997. Co-owner and President Walter Fultz at the time said cutthroat pricing on commodity pipe products caused his firm's troubles.
HPS will add upscale products such as electrical conduits and ducts to the drain, waste and vent lines Colonial extruded.HPS will target electrical, plumbing and construction markets in Alabama, Georgia, Florida, the Carolinas and the Caribbean, Buck said.
Colonial's bankruptcy documents reported 1996 sales of almost $10 million, down from $12.5 million in 1995. Colonial still exists, but only to collect receivables, Buck said.
Heritage Plastics in Ohio did not report sales figures.