Insert molder Agape adds space, lines
GRAND RAPIDS, MICH. — Agape Plastics Inc. has spent $3.5 million to double the size of its manufacturing area. The custom injection molder also has spent $1.2 million on new equipment.
Agape moved into its new, 56,000-square-foot plant in Grand Rapids in March. The new facility, two years in the making, is about seven miles from the old, 24,000-square-foot facility, which included 20,000 square feet of manufacturing space.
Chief Executive Officer Cynthia Alt said Agape sold its former facility to a wood-working company.
With 23 injection presses with clamping forces of 30-350 tons, the company's main process is insert molding.
The firm molds parts for automotive, office furniture, industrial components, electrical, recreational and computer applications.
Agape employs 112 regular and 20 temporary, weekly employees. It expects to employ 150 by the end of the year.
The company reported 1998 sales of $12.4 million, and forecasts $16 million in sales for 1999.
Investment group buys Quality Lineals
NEW YORK — A group of investors has purchased a majority interest in Quality Lineals, a Freeport, N.Y., vinyl window extruder. The new owners plan to expand the company in June with another acquisition.
Cornerstone Partners and Frost Capital Group, both of New York, led the investment group through the deal, which closed May 3, said Norman McKibbin, co-owner of Toms River, N.J.-based Aspen International Group Inc., which helped negotiate the deal. Though the company was doing well, the owners did not have the funding to seek acquisitions and grow, which could have forced Quality out of the industry, he said.
The group of investors also includes Sterling Carl Marks Capital Inc., CMNY Capital II LP, Walden Capital Partners LP, Dime Capital Partners Inc. and First New England Capital LP, all of New York. Those investors can back acquisitions, one of which is scheduled to close next month, McKibbin said.
Quality Lineals has 10 twin-screw extruders in Freeport. Phil Reid, former vice president of Acro Extrusion Corp. in Monroe, Ohio, will become Quality's new president.
The investment group also purchased a majority interest in Northeast Windows, a vinyl window and door fabricator in Merrick, N.Y.
Reid will act as president of Northeast as well. However, both companies will continue to operate separately.
Sid Rains retires from Van Dorn Demag
STRONGSVILLE, OHIO — Sid Rains, vice president of sales for Van Dorn Demag Corp. of Strongsville, retired May 14, ending a plastics career that has spanned 35 years.
He started at Van Dorn, then known as Van Dorn Plastic Machinery Co., in 1978 as sales manager. He left in 1989 to join Gilchrist Molding Center and Gilchrist Kustom Molding. Rains returned to Van Dorn in 1992.
He has been active in the Society of the Plastics Industry Inc. of Washington, where he serves on the board of directors. He also serves on the board of Edison Polymer Innovation Corp. of Akron, Ohio.
Zeta shutting down two molding plants
LITTLE FALLS, N.J. — Zeta Consumer Products Corp. will close its 600,000-square-foot Kingman, Ariz., plant in July and closed its Port Murray, N.J., plant May 1.
The plants injection and blow molded durable-houseware products for the Tucker Housewares division. Little Falls-based Zeta, a plastics film and bag maker, bought Tucker from Mobil Chemical Co. in 1996.
Some 150 employees will be affected by the Arizona closure and 60-70 pieces of equipment will be moved to Zeta plants in Arlington, Texas, and Leominster, Mass. Production from Port Murray has been moved to Macomb, Ill.
``We don't need the capacity [in Arizona]; there's too much overhead,'' Alfred Teo, Sigma chairman and chief executive officer, said by telephone.
Zeta is owned by Sigma Plastics Group of Lyndhurst, N.J., which claims to be the largest privately held U.S. plastics film company. Sigma had sales of $700 million last year; Zeta contributed about 18 percent of those sales. Closing the two plants will save Sigma about $9 million annually, the company said.