Proprietary renews offer to buy Ventra
CALGARY, ALBERTA — Investment company Proprietary Industries Inc. has renewed its offer to buy automotive molder Ventra Group Inc., and has hired another molder as an adviser.
Calgary-based Proprietary offered to buy at least 50.1 percent of Oakville, Ontario-based Ventra's stock in April. It renewed that bid May 14, and upped the offer to buy as much as 100 percent of the firm. The deal offers Proprietary shares valued at nearly C$50 million (US$32.4 million). The offer is good through June 19.
Ventra officials said they are reviewing the offer.
Proprietary is a multi-industry holding company with no experience in the plastics business. To fill the void, it has signed an agreement with Polymer Technologies Inc., a Tier 2 automotive molder, to have that firm's owner and chief executive officer, John K. Bell, operate as a "special adviser" in negotiations. Polymer Technologies is based in Cambridge, Ontario.
Dynisco unit changing name, relocating
GLOUCESTER, MASS. — Dynisco HotRunners is changing its name in early June to Synventive Molding Solutions, and is moving from Gloucester to Peabody, Mass.
Synventive is owned by Berwind Group, a Philadelphia holding company. Last year Berwind sold three Dynisco units to Madison Capital Partners, but kept the hot-runner business.
A new Web site will go live in early June: www.synventive .com.
EPA to wrap up decade-long dioxin review
WASHINGTON — An Environmental Protection Agency scientific panel said May 15 that the agency should promptly finish its decade-long dioxin reassessment.
The decision from the Science Advisory Board, which reviews EPA science, clears the way for EPA to wrap up its dioxin review. EPA has tentatively concluded that dioxin causes cancer in people, but the SAB took a different tack: Dioxin is an animal carcinogen and may be a human carcinogen. An SAB official, however, said that distinction matters very little in how dioxin would be regulated.
While vinyl industry officials said they do not know what will be in the EPA's final dioxin reassessment, drafts have said that PVC manufacture is not a significant source of dioxin. A Vinyl Institute spokesman said EPA rules are dramatically reducing dioxin emissions from the life cycle of PVC, such as EPA medical incinerator rules that have cut dioxin emissions by 99.7 percent since 1987.
SAB expects to send its final report to EPA by June 1.
Clondalkin buy boosts flexible packaging
DUBLIN, IRELAND — Clondalkin Group Holdings Ltd. has expanded its flexible packaging capacity in continental Europe by acquiring Frievaart Holdings BV in Leeuwarden, the Netherlands.
The deal gives Dublin-based Clondalkin new coating and laminating plants in Germany and the Netherlands operated by Frievaart subsidiary European Packaging Holding Group.
Terms were not disclosed. European Packaging Group has six subsidiaries with annual sales of 67 million euros ($60 million), three-quarters of which came from flexible packaging. Customers include major European food and confection manufacturers.
PN adds speakers, waives conference fee
AKRON, OHIO — Plastics News has added speakers and waived the fee for the business conference at the June 19-21 Plastics Encounter Cleveland trade show.
The morning conference sessions — which start at 8:30 a.m., well before the exhibition floor opens each day — will feature nearly two dozen presenters from firms including Step2 Co., Precise Technology Inc., Meridian Automotive Systems Inc., NYX Inc., Delta Tooling Co., PolyOne Corp., Donnelly Corp., Ferro Corp., CIT Group Inc., Nova Chemicals Corp., StackTeck Systems Inc., General Polymers, Incoe Corp. and Midwest Tooling Group Inc.
The price for the June 20-21 injection molding and extrusion technical training seminars also has been discounted deeply, to just $99 for the first 20 participants in each, in recognition of industrywide belt-tightening. For details or to register, visit www.plasticsencounter.com/cleveland, or call (888) 368-7229.