STAMFORD, CONN. — Reunion Industries Inc. plans to exit the plastics business by selling its Oneida Rostone Corp. subsidiary to an undisclosed buyer.
Reunion announced Feb. 26 it is negotiating the sale of the injection molding unit. The sale could occur as soon as the second quarter, depending on due diligence by the potential buyer.
The subsidiary reported sales of $95.2 million for 1998. It has 134 presses at six thermoplastic and thermoset plants in Oneida and Phoenix, N.Y.; Lafayette, Ind.; and Clayton and Siler City, N.C.
Stamford-based Reunion said it will focus on buying manufacturing firms. It has restarted discussions to merge with Chatwins Group Inc., a Pittsburgh producer of fabricated and machined parts, for original equipment manufacturers. Reunion and Chatwin planned to merge last year but were held up by financing problems and two lawsuits.
A Reunion news release ``stressed its commitment to proceed with the sale of [Oneida] and the redeployment of its assets regardless of the progress of its merger discussions with Chatwins.''