Trostel, union reach five-year agreement
LAKE GENEVA, WIS. — A union and a Wisconsin elastomers and plastics company have signed a contract that aims to provide both sides with five years of stability.
Trostel Specialty Elastomers Group Inc. announced Aug. 5 it has reached a five-year collective bargaining agreement with its 88 unionized workers, who belong to the Independent Union of National Amalgamated Workers Union, Local 711.
The agreement was signed Aug. 6, Kay Kawa Terry, human resources manager for Trostel SEG, said in a telephone interview that day.
``We settled early, which is a reflection of the positive relationship we have with the union and our employees,'' she said. ``The agreement provides stability for our employees and our business over the next five years.''
The agreement also gives workers a number of benefits. Trostel will pay workers an undisclosed lump sum followed by wage increases in subsequent years.
Other benefits include a freeze on worker contributions to their health plan and a new Employee Assistance Program. That program is designed to help any employees confronting drug, alcohol or family problems.
Trostel SEG is based in Lake Geneva and produces cast polyurethane and injection molded parts for the automotive and other industries. The company is a subsidiary of Albert Trostel & Sons Co., a rubber and leather manufacturer with headquarters in Milwaukee. Trostel SEG became a stand-alone company in 1997.
Neutrik AG acquiring England-based molder
SCHAAN, LIECHTENSTEIN — Neutrik AG is paying $5 million to buy Re'an Products, a molder of plastic audio control knobs and connectors, from British industrial group Lilleshall plc.
Schaan-based Neutrik plans to introduce new products at Re'an, which is based in Northfleet, England, and has a U.S. distribution arm in Fairfield, N.J. Neutrik assembles audio test equipment and connectors.
Lilleshall of Newbury, England, primarily distributes metal fasteners, but also makes PVC windows and injection molded housewares. The sale is in line with its policy of selling smaller, poorer performing, noncore businesses, according to the company.
Re'an reported $676,000 profit on 1997 sales of $5.3 million.
N.Y. investor agrees to purchase
NEW YORK — In another golf-club-shaft move, Cornerstone Equity Investors LLC of New York has agreed to acquire Grafalloy Corp. of El Cajon, Calif., a subsidiary of American Materials & Technologies Corp.
In late June, a Cornerstone affiliate signed a definitive agreement to buy about 94 percent of True Temper Sports of Memphis, Tenn., from Black & Decker Corp. of Towson, Md.
Cornerstone expects to complete the True Temper deal and combine Grafalloy with that business by Sept. 30.
Los Angeles-based AMTC is being acquired by Cytec Industries Inc. of West Paterson, N.J., in an all-stock transaction announced July 9. AMTC bought Grafalloy for $9.6 million in February 1997.