Polyair buying U.S. packaging business
TORONTO — Polyethylene bubble products manufacturer Polyair Inter Pack Inc. announced plans to buy an undisclosed protective packaging operation in the United States.
Polyair of Toronto said the operation is part of a multinational company and predicts it will have sales of about C$8 million (US$5.4 million) this year for its protective PE foam packaging. Polyair will pay about US$2.5 million for the business.
John Foglietta, Polyair's chief financial officer, said his firm made the June 23 announcement to comply with Securities and Exchange Commission regulations, which also prohibit identifying the operation. Polyair will continue operating the U.S. facility but will absorb administrative duties in its own operations.
Foglietta said the deal will boost sales in furniture, automotive and electronics markets. The operation also has butane emission permits, allowing Polyair to expand U.S. production without regulatory hassles for new permits.
Polyair has five U.S. plants and one in Canada. It recently expanded several operations, including one in Youngstown, Ohio, where its U.S. sales office is based. It had sales of about C$86 million (US$58.5 million) for the Jan. 31 year-end.
DuPont cutting 100 film jobs in Scottland
WILMINGTON, DEL. — DuPont Co. is cutting jobs at its Dumfries, Scotland, PET film plant it acquired from Imperial Chemical Industries plc early this year.
The cutbacks are partly a response to the Asian currency crisis and to improve efficiency by outsourcing some nonmanufacturing services, said Francine Cheeseman, vice president and general manager of DuPont Polyester Films.
She said about 20 workers have left the Dumfries plant with another 80 slated to go. The plant employs about 640. DuPont will try to phase out jobs by retirement and voluntary layoffs.
Cheeseman did not confirm a Glasgow Herald report that Dumfries exports about 60 percent of its production. She stressed that PET film markets are ``very difficult'' for all companies in the business. She said by telephone from DuPont's Wilmington headquarters that DuPont constantly evaluates its operations, but she would not disclose whether other cutbacks are imminent.
DuPont, the world's largest PET film producer, has plants around the world, including in the hotly contested Asian market.
Alltrista merging three units, seeks VP
MUNCIE, IND. — Alltrista Corp. will combine its three plastics divisions into one business segment to help them grow.
The Muncie firm said June 25 it is seeking a group vice president to head the new segment. Alltrista predicts unit sales will surpass $100 million this year. The group vice president will be based in Indianapolis, where Alltrista is moving its headquarters.
Spokesman Larry Miller said the plastics operations will keep their current names and presidents. Alltrista's Industrial Plastics division of Fort Smith, Ark., does industrial thermoforming; its Plastic Packaging division in Muncie coextrudes and thermoforms barrier sheet; and Unimark Plastics is a custom injection molder in Greenville, S.C.
Miller said cash flow from Alltrista's other businesses in zinc processing and home canning products will help fund its plastics growth. Alltrista, recently listed on the New York Stock Exchange, had sales of $255.2 million last year.
Ashland buying Gwil plastics operation
COLUMBUS, OHIO — Ashland Inc. of Columbus will expand its Canadian composites business by acquiring Gwil Industries Inc.'s plastics division.
The Gwil operation, based in Burnaby, British Columbia, makes thermoset polyester resins and gel coats for marine products, bathware, tanks, pipes and other applications. It also distributes glass reinforcements and other materials and application equipment. Officials did not disclose the business' size.
The Burnaby plant will be Ashland's first facility in Canada dedicated to making products for its Composite Polymers division, said spokeswoman Stacie Noel. Its plant in Mississauga, Ontario, mainly makes foundry products. Ashland also runs several distribution facilities across Canada.
The firm's Ashland Chemical Canada Ltd. subsidiary will buy Gwil's plastics business for undisclosed terms. Gwil said it will receive after-tax cash proceeds of about C$40 million (US$27.2 million). The deal is expected to be complete within two months, Gwil said in a June 24 news release.