THUNDER BAY, ONTARIO — Another custom molding plant is for sale in Thunder Bay after going into receivership.
Earnway Industries (Canada) Ltd. failed financially after six years in business, according to Russ Leroux, account manager for receiver Ernst & Young Inc. in Thunder Bay. The firm started out as an injection molder of microwave-oven controls but lost the contract. It shifted to consumer products such as household storage containers but could not build enough market share to pay its bills.
In August, Ernst & Young began trying to sell another Thunder Bay molder, Thunder Bay Magnetic Ltd., which made floppy-disk clips. Leroux said there are a few interested buyers but no deal has been completed. Thunder Bay Magnetic and Earnway were owned by different Hong Kong investors lured to the city by its development officials, said Leroux.
Earnway has five presses with robots and clamping forces of 100-400 tons in an 8,700-square-foot building. Leroux estimated its book value at C$1.5 million (US$990,000). His firm is taking offers on the operation until Oct. 2.