Painted into a corner: PaintPlas broke
TORONTO — Plastic and metal auto parts coater PaintPlas Inc. has gone bankrupt.
The firm's trustee in bankruptcy, A. Farber & Partners Inc. of Toronto, announced that a first creditors' meeting will be held April 19 in Toronto. PaintPlas went bankrupt March 26, Farber stated in a newspaper notice.
PaintPlas of Pickering, Ontario, used to be part of Versatech Group Inc. until the Toronto company sold it back to its original owners a year ago. Versatech decided after three years of ownership that having PaintPlas' Ajax, Ontario, painting facility separate from Versatech's injection molding operation was not feasible. Versatech itself is in financial trouble and has been protected from creditors for almost a year. It has been selling its various plastics and metal divisions.
When Richard Myron and Alan Medad bought PaintPlas back from Versatech, part of their initial business was painting parts for Versatech. They had plans to add injection molding to their firm's capabilities. Myron and Medad were unavailable to explain PaintPlas' demise.
Dynaplast, Extruco merge extrusion biz
MONTREAL — Dynaplast Inc. of Montreal has expanded into proprietary window extrusions by merging with Extruco Ltd.
Dynaplast specialized in custom extrusion, mainly using PVC, but the merger will open new markets for the firm, according to financial director Ivan Cameron. The merged company, Dynaplast-Extruco Ltd., will have annual sales exceeding C$12 million (US$7.7 million), the companies announced in a news release.
Extruco of Jonquiere, Quebec, has access to window profile technology from the Wymar division of Tessenderlo Group of Brussels, Belgium — its former owner, Cameron said in a telephone interview. It also has excess capacity that Dynaplast needed because of recent strong growth, he added. In addition to windows, the merged company supplies door profiles and components for recreational applications.
Dynaplast was owned by four investors. Cameron said the merger was effected through an exchange of stock. The Montreal and Jonquiere plants, which employ a total of about 70, will remain open.