L-P buys Hoff composite decking plants PORTLAND, ORE. — Louisiana-Pacific Corp. has acquired the composite decking and railing assets of a Meridian, Idaho, manufacturer, including two plants totaling 92,000 square feet.
Details of the May 18 deal with Hoff Cos. Inc. were not disclosed.
Portland-based L-P, which in January announced it would begin extruding a polyethylene-wood composite decking system, initially plans to occupy the smaller of the two plants, which has 22,000 square feet and seven extruders, said Marty Fajerman, L-P's product manager.
Hoff fabricates vinyl windows and manufactures interior wood moldings for the residential market, said President Brian Hoff. All manufacturing and fabrication will move to the company's existing plant about 15 miles away from its Meridian location.
Meanwhile, L-P expected to launch PE-wood decking production in late May at its plant in Selma, Ala., Fajerman said.
The company will make the decking in Selma and at the smaller Meridian plant for the rest of 2000, he said. L-P then will begin expansions at the Idaho facilities, which can accommodate 13 more extruders. It also will explore expansion at the Selma site, as well as consider buying more factories, Fajerman said.
Laird Plastics picks up Graphic Outfitters
WEST PALM BEACH, FLA. — Laird Plastics Inc. has expanded in graphics products markets by acquiring Graphic Outfitters Inc. of St. Louis.
Laird Plastics paid $4 million in cash for the company, which distributes a range of substrates, including plastic film and sheet, used by screenprint, sign and graphics firms. The former owner of Graphic Outfitters, who did not want to be identified, will continue with the operation, according to Dominic Hudson, secretary for Laird Group plc of London. Graphic Outfitters' sales last year were $6 million, Laird said in a news release. Its net assets were about $1 million.
Laird Plastics, based in West Palm Beach, operates more than 50 distribution centers in the United States and Canada. It has no operations elsewhere, Hudson said in a telephone interview from London. Hudson claimed Laird Plastics is the third-largest plastics distributor in the United States. He did not reveal sales.
Laird Chief Executive Officer Ian Arnott said in a news release that the acquisition will strengthen Laird's presence in the central United States.
Laird recently sold its Continental Acrylics Inc. acrylic sheet and resin business in Compton, Calif., to Plaskolite Inc. of Columbus, Ohio.
Larger Stopol site to offer new machines
SOLON, OHIO — Stopol Inc. plans to sell new plastics machinery now that it has moved into a new, larger building.
The Solon-based firm is close to finalizing a deal with an undisclosed machinery supplier, Neil Kruschke Jr., chief executive officer, said in a May 24 telephone interview. He would not disclose what type of new machinery Stopol will offer.
Kruschke predicted that adding new machinery to its line could double its sales, which currently are about $35 million annually for a range of used processing equipment. He said the firm's new, 21,000-square-foot building has more warehouse space and will include a showroom to display machinery.
Stopol moved May 12 from a leased, 10,000-square-foot facility. Kruschke said the company paid $2.8 million for the new facility.
In addition to selling used plastics machinery, Stopol runs a mergers-and-acquisition business that did 11 deals last year.
Automakers name Internet exchange
DETROIT — The new automotive electronic-business exchange finally has its own name — Covisint.
The venture, formed in February by General Motors Corp., Ford Motor Co. and DaimlerChrysler AG, had gone by the temporary title of Newco until the official naming May 16.
Nissan Motor Co. Ltd. and Renault SA also have joined the business, which aims to have the automakers transfer all purchases to a Covisint-controlled, online program. The automakers combined will have annual sales worth more than $1 trillion through the company.
The name — pronounced "KO-vis-int" — represents the concepts of "connectivity, collaboration and communication," the "visibility" of the Internet and "integrated" solutions, company officials said.