Triam asks shareholders to tender stock
CONCORD, ONTARIO — Triam Automotive Inc.'s board of directors has recommended that shareholders tender their stock in a takeover bid by Magna International Inc.
Concord-based Triam announced April 29 that its board made the recommendation after it received a fairness report from RBC Dominion Securities Inc. of Toronto. Magna's offer is worth about C$77 million (US$53.9 million). It expires May 12 and is conditional on at least 90 percent of Triam's shares being tendered.
Triam operates a plastics injection molding facility in Stoney Creek, Ontario, and metal parts plants. It recently received new plastic parts contracts and was planning to expand Stoney Creek. Triam did about C$40 million (US$28 million) in plastic auto parts business last year.
Ampacet Corp. in talks to acquire Baron
TARRYTOWN, N.Y. — Color compounder Ampacet Corp. of Tarrytown has launched negotiations to acquire Baron Colour Concentrates Ltd. of Kitchener, Ontario.
The deal, expected to be completed in early May, includes Baron's manufacturing sites in Kitchener; Vancouver, British Columbia; and Huntersville, N.C.
Both Ampacet and Baron officials confirmed the deal but declined to comment before it is completed.
Ampacet operates North American manufacturing facilities in Terre Haute, Ind.; De Ridder, La.; Cartersville, Ga.; and sites in Belgium and Italy.
The company, which claims to hold 13-15 percent of the global color and additive masterbatch market, posted sales of more than $400 million in 1997. A 1996 study by Freedonia Group Inc. of Cleveland ranked Ampacet as one of the top five independent compounders in the United States.
Linpac builds auto parts molding plant
BIRMINGHAM, ENGLAND — Linpac Mouldings Ltd. has completed construction of a £6 million ($10 million) automotive parts injection molding plant at Dunstable, England.
The 6,500-square-foot factory, built on Linpac's 10-acre Dunstable site and due to open this year, will create 55 jobs and houses 12 new injection presses, plus automated handling equipment.
The plastic materials-handling, industrial molding and automotive product manufacturer also is establishing a research and development center to handle the design, development and testing of automotive exterior trim components.
Birmingham-based Linpac Mouldings, part of the plastics, paperboard and metal packaging and moldings maker Linpac Group, chose Dunstable for its infrastructure and skill base.
Alusuisse-Lonza sales packaging unit
ZURICH, SWITZERLAND — Alusuisse-Lonza Holding Ltd. has pulled out of medical flexible packaging with its sale of British subsidiary Lawson Mardon Medical Products Ltd. to Rexam plc for £5.3 million ($8.85 million).
Lawson Mardon Medical Products manufactures a range of flexible rollstock for medical-device packaging and converted products such as bags and pouches for hospitals.
The subsidiary's plant is in Whitehaven, England. Products include polypropylene and polyester film, which it buys from outside suppliers, heat-sealed to paper, according to an Alusuisse spokesman.
Zurich-based Alusuisse said the cash sale reflects Lawson Mardon's desire to concentrate on core food and tobacco flexible packaging businesses.
``Rexam's health-care sector is the global leader in the £600 million [$1 billion] sterilizable medical flexible packaging market,'' said Rexam Chief Executive Officer Rolf Borjesson.
Rexam Healthcare, with 1997 sales totaling $476 million, also produces plastic closures and containers for regulated markets requiring child-resistant or tamper-evident packaging.
Mich. plastics industry day set for May 5
LANSING, MICH. — The Society of the Plastics Industry Inc.'s Midwest Regional Office is co-sponsoring Michigan Plastics Industry Day on May 5 in Lansing.
The event, at the Radisson Hotel, allows plastics industry officials to meet with legislators and learn about business and governmental issues. Session topics include electricity deregulation and worker certification.