Newly formed R&V Industries Inc. has acquired the polypropylene-related assets of Shape Global Technology Inc.
Vincent Boragine and Richard Courcy incorporated R&V and purchased the assets and the right to use the Shape identity for $2.48 million. U.S. Bankruptcy Court in Portland, Maine, approved the June 1 transaction, according to lawyer Jacob Manheimer of Portland.
The assets include the Sanford, Maine, facility, operating equipment, material inventories and accounts receivable.
The 24-acre site has a 42,000-square-foot facility.
``We expect to add 30,000-40,000 square feet next year'' and consolidate operations, including a leased, off-site warehouse, Boragine said in a telephone interview.
Management aims to focus on product design, toolmaking and molding capabilities.
``We retained skilled design personnel who wanted to focus on the custom molding side,'' he said. ``We think we have latched on to what is good and viable going forward.''
Shape has 19 presses with clamping forces of 28-500 tons and has explored business opportunities beyond its historical segment of media packaging. The Sanford site has decoration, graphics and overwrap capabilities.
Customers include operations of Fuji Photo Film Co. Ltd. and 3M Co. Also, Shape does ``a couple proprietary products in the media business,'' he said.
Kennebunk Savings Bank has provided asset and building loans and working capital since Boragine and Courcy took control.
Boragine joined the previous entity in July 2000 as chief operating officer. He serves as R&V's president and chief executive officer. Courcy is treasurer and chief financial officer, and Craig Lovecky is vice president of research and development.
Shape now employs 67 and draws on business contacts dating to 1972.
In June 2000, operating unit Shape Inc. had filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code. Manheimer said holders of $25 million in senior secured notes would receive partial payments by the end of the year. Unsecured creditors will see a minimal recovery.
In December, the court approved the $2.3 million sale of Shape's polystyrene-related business to Cartonneries de Thulin SA of Thulin, Belgium, known under the trade name Carthuplas.
That transaction included Shape's Kennebunk, Maine, facility, optical-media packaging business and related inventory and raw materials. It operates now as Carthuplas Inc. in Kennebunk.