Ex-Plastican chief launches new firm
LEOMINSTER, MASS. — Ralph Castriotta is back from retirement and is directing the opening of injection molder U.S. Specialty Packaging Inc. in Leominster.
``You can't play golf every day,'' said Castriotta, adding that he missed the challenge of running a plastics company.
He is a former president of Leominster-based Plastican Inc., where he worked for 22 years, retiring in 1992. He said he has worked in the plastics business since 1965.
The new firm, which opened in March, is producing 5-gallon pails for industrial use. It employs 18 and is renting about 15,000 square feet of space. He expects it to expand to 40,000 square feet and for the payroll eventually to increase to 25 or more.
Leominster City Council in late July approved a six-year, $23,000 property tax break for the firm.
U.S. Specialty Packaging will spend $3.4 million on construction and new machinery during the next four years. Castriotta did not provide additional details, except to say that Husky will supply some of the equipment.
Leominster Economic Development Director Trevor M. Beauregard said the new company ``will create more than $1 million in salaries for area residents.''
Initial public offering of Ipex is withdrawn
TORONTO—Canada's biggest plastic pipe extruder has withdrawn a planned initial public offering because of weak stock markets.
Ipex Inc.'s owners, steel-pipe producer Ivaco Inc. of Montreal and Scepter Holdings Inc. of Toronto, announced the withdrawal July 24. They had planned to offer one-third of Ipex's subordinated voting shares in Canadian stock exchanges and hoped to raise about C$100 million (US$66.5 million) with the offer.
Ipex, based in Toronto, was established in 1992 and had total 1997 sales of US$275 million, including an estimated US$195 million related to extruded products.
IRP building facility, planning expansion
FREEPORT, IOWA — Iowa Rotocast Plastics Inc. is increasing its custom rotational molding capacity to accommodate growth.
The Decorah, Iowa-based firm nearly has finished building a 24,000-square-foot plant in Freeport for offices and manufacturing. The facility will house a three-arm turret rotomolding machine with a 130-inch swing.
The second phase of IRP's two-phase plan will add 24,000 square feet to the Freeport building. Construction is to begin in the fall, and completion is set for spring 1999, Jim Krause, plant manager, said by telephone. He said at least three more rotomolding machines will be added. IRP's screen-printing sister company Color Graphics of Waukon, Iowa, will move to the location.
Company officials were unavailable to provide the expansion's cost.
In the next two years, IRP plans to create 20-25 new jobs. It now employs about 70.
IRP mainly serves the consumer product and nontank agricultural markets. It also does blow molding, thermoforming, injection molding and vacuum forming.
Total company sales for the fiscal year ending Aug. 31 will exceed $6 million; rotomolding sales will be $5.2 million.
Dorhold unit, product get new name: Dornet
SAN FRANCISCO — Conflict over a Netherlands-registered business name has prompted Dorhold BV to change the name of its operating unit and new compact-disc product line to Dornel.
It changed the name when it discovered that a U.S. perfume firm held the name Dorlon for an inactive business unit in Zoetermeer, the Netherlands.
Dorhold of Zaandam, the Netherlands, renamed its San Francisco sales arm, formed in May, Dornel USA Inc.