FTC approves PVC venture Oxy Vinyls
DALLAS — Oxy Vinyls LP, the newly named PVC joint venture between Occidental Chemical Corp. and Geon Co., moved a step closer to reality after being approved by the Federal Trade Commission Feb. 2.
The deal — which will pool the PVC, VCM and chlorine production of the two firms — should be completed by the end of the first quarter of 1999, Geon officials said. The joint venture still needs the approval of the Securities and Exchange Commission, as well as the approval of Geon shareholders and the board of directors of Occidental Petroleum Corp., OxyChem's parent company.
OxyChem will own 76 percent of the new Dallas-based company, which will surpass Shintech Inc. as North America's largest PVC maker. With 4.2 billion pounds of PVC capacity, Oxy Vinyls will have a market share of almost 30 percent.
New Berlin builds plant, adding presses
NEW BERLIN, WIS. — New Berlin Plastics Inc. has entered 1999 with a new 100,000-square-foot building and the promise of new, state-of-the-art injection molding equipment.
The new, $5 million plant in New Berlin is more than double the size of the company's previous facility. The new building will house New Berlin's manufacturing operations and offices, said Thomas Hynes, director of sales and marketing.
New Berlin Plastics makes parts for companies that manufacture paper-towel and toilet-paper dispensers, water-softener and related equipment, meters and controls, medical devices, and electronics equipment.
The firm has about 40 injection molding machines with clamping forces of 40-600 tons. It is expecting delivery of a new 1,000-ton machine and a new 1,200-ton machine by the end of February.
``This will give us the ability to make very large parts,'' Hynes said. It also means the potential for additional production capacity ``and plenty of room to expand and put in more equipment,'' he said.
Stadium Group acquires Dextroplast Ltd.
HARTLEPOOL, ENGLAND — Automotive, electronics and building sector plastics molder Stadium Group plc has announced its acquisition of building materials company Dextroplast Ltd. for £364,000 ($596,778) in cash.
Dextroplast of Newark, England, distributes products including PVC fencing, gates and other construction components. It manufactures plaster vents for the building industry, but buys plastic products to sell.
Dextroplast reported 1998 pretax profit of £14,000 ($23,202) on sales of £821,000 ($1.36 million). The firm employs 12.
``The acquisition will bring immediate benefits by strengthening distribution channels for our existing plastic building products,'' said Jim Johnson, managing director of Hartlepool-based Stadium.
Tri-Tech investing $3 million in expansion
STREETSBORO, OHIO — Tri-Tech Plastics LLC is investing about $2 million in new injection presses and will install them in a renovated, former Chrysler Corp. distribution center in Solon, Ohio.
The Streetsboro-based custom molder also is spending more than $1 million for improvements at the 144,000-square-foot facility, estimated Tri-Tech President Wayne Rothman. The company plans to begin operations early this month with new Van Dorn presses as large as 960 tons and 11 presses relocated from other Tri-Tech operations.
A key account for Tri-Tech is molding the Diaper Genie diaper pail for Mondial Industries LP. Rothman said his company will continue to mold the product after Mondial sells its Diaper Genie business to Playtex Products Inc. Playtex agreed to pay about $122 million for the business, including Mondial's Streetsboro plant where Diaper Genie is assembled.
Playtex spokeswoman Julie Gottlieb said her firm has no plan to change Diaper Genie manufacturing in the Streetsboro operation. Diaper Genie had sales of about $42 million last year.
Rothman said the revamped Solon plant will include a few presses from Streetsboro plus those at its Satellite Plastics subsidiary in Eastlake, Ohio, which it will consolidate in Solon.
Tri-Tech's tool shop, Hi-Tek Mold Development, also will relocate there from Willoughby, Ohio. Eventually the Solon and Streetsboro operations each will run 21 injection presses.
Schad to receive Toronto's Ursaki award
TORONTO — The Sales and Marketing Executives of Toronto Inc. will present its Ursaki award to Robert Schad, founder and chief executive officer of Husky Injection Molding Systems Ltd.
The association gives the annual award to a business person for exemplary contributions to the community. Schad is active in business and community organizations and promotes environmental and wellness practices at Husky. He will receive the award Feb. 25 in Toronto.