VPI Mirrex adding 2nd calendering line SALISBURY, MD. — VPI Mirrex Corp. will more than double its vinyl calendering capacity in Salisbury by installing a second line.
The firm will invest $10 million to $12 million in the program, said Mike Betts, manager for VPI Mirrex's film and converting group. VPI Mirrex expects to start running the new thin-gauge line in mid-2001.
Betts said the second line will be able to make finished flexible film as wide as 74 inches. It will make thin-gauge films with highly polished finishes for label and decal applications, and matte and gloss films used in wood laminates and flooring. VPI Mirrex has not chosen a supplier yet for the calendering line, Betts said in a telephone interview.
VPI Mirrex is a division of VPI LLC of Sheboygan, Wis., which had estimated sales of $155 million for the year ended Sept. 30.
Ring Can shuts Greenville, S.C., plant
OAKLAND, TENN. — Ring Can Corp. closed its Greenville, S.C., blow molding operation last month, leaving close to 30 workers without jobs.
President Ben Livingston offered no reason for closing the plant, where PET tennis ball containers were blow molded for Wilson Sporting Goods.
Based in Oakland, Ring Can Corp. reported annual sales of $120 million.
Profile Solutions buys Tenn. facility
LA FOLLETTE, TENN. — Profile Solutions Inc. acquired a 27,000-square-foot building in La Follette for $352,000 in mid-December and expects to relocate by Jan. 30.
The firm currently has a leased facility in La Follette, but that building lacks a truck dock and has only 12,000 square feet of usable space, said sales manager Joe Ewing. The new building, on 41/2 acres, is about five miles away.
Profile Solutions operates four Davis-Standard single-screw lines, including one with a diameter of 21/2 inches and three of 31/2 inches. The new site can accommodate eight machines.
Profile Solutions employs 28, and splits its profile extrusion output evenly between custom and proprietary applications.
Equity issue in the works at AT Plastics
BRAMPTON, ONTARIO — AT Plastics Inc. plans an equity issue soon after replacing two senior managers.
The Brampton-based film and resin producer plans to raise an undisclosed amount of funds for higher working-capital needs, said Geoff Clarke, outgoing president and chief executive officer. The funds will offset lower cash flow caused by start-up problems last summer at its Edmonton, Alberta, resin plant, and will help cover increased monomer costs.
Clarke said the size of the equity issue will be announced by the end of January. He said AT's board favors an equity issue instead of taking on more debt, even though AT's stock price has been depressed. AT's common-share price closed Jan. 4 at C$3.40 (US$2.35), well off its 52-week high of C$11 (US$7.59).
Andrew Smith, AT's chairman, replaced Clarke as president and CEO effective Jan. 1. Jim Donaghy, formerly vice president and chief financial officer, was replaced by Geff Perera, effective at the same time. Clarke said both appointments are interim as AT seeks other candidates for the positions.
Smith and Perera have been on AT's board of directors representing Perry Equity Investors Inc. of Dallas. Perry boosted its stake in AT to nearly 20 percent last year. Smith and Perera formerly were executives with Rexene Corp. In 1998 Perry acquired most of Uniplast Industries Inc., an Orilla, Ontario, film maker.
Clarke will continue as AT executive vice chairman responsible for long-term growth opportunities. Donaghy will continue as an AT director.
Perstorp changes name to Arca Systems
PERSTORP, SWEDEN — Perstorp Plastic Systems, a producer of recyclable plastic materials-handling containers, has changed its name to Arca Systems.
Arca is the Latin word for box. The company chose the name to reflect its 30-year history of producing plastic containers.
Based in Perstorp, Arca Systems has operations in 30 countries, including North American plants in Detroit and Tacoma, Wash. Its main products are returnable packaging, including boxes, containers, pallets and other containers in recyclable high density polyethylene.