Alltrista Corp. is cutting costs while the Indianapolis company entertains purchase bids.
Alltrista has realigned its thermoforming business by putting in a single management team. Triangle Plastics, TriEnda and Alltrista's former industrial plastics division now report to Bruce Buchholz, president of the newly formed thermoformed products division.
Buchholz was a regional vice president with air conditioner manufacturer Carrier Enterprise North America. Alltrista's Unimark injection molding business remains separate from the thermoforming.
Last year Alltrista cut costs at its Midwest thermoforming operations by relocating production from its Triangle Plastics operation in Oelwein, Iowa, and converting the Oelwein facility to a distribution center.
Thomas Clark, Alltrista's chairman, president and chief executive officer, said the company is talking to a number of potential buyers that have shown interest in purchasing the whole company or parts of it.
An official with New York investment firm Marlin Partners II LP, which made a hostile bid for Alltrista last year, confirmed Marlin is one of the companies talking to Alltrista. Marlin recently signed a confidentiality and standstill agreement with Alltrista, confirmed Martin Franklin, Marlin's chairman. Marlin owns 9.8 percent of Alltrista and last year bid $30 a share to buy the rest. Last summer, Marlin dropped a condition that its offer was valid only if Alltrista did not entertain other purchase offers.
Clark said in a news release that there is no guarantee the talks will lead to a sale. Alltrista spokeswoman Kristin Claus said her firm had no comment beyond Clark's remarks.
Alltrista recorded a loss of $3.4 million for the fourth quarter that it blamed on weakness in many of its markets.