Innovative now Hematite's majority owner
WIXOM, MICH. - Innovative Engineered Molding LLC has purchased a controlling stake in Hematite Manufacturing Inc. and is making plans to expand production.
The holding company, owned by Ted Henecke, spent $500,000 to buy 55 percent of the Wixom injection molding plant. The Michigan operation's former parent, Hematite Manufacturing & Engineering of Guelph, Ontario, retains the other 45 percent, Henecke said in a Sept. 13 telephone interview.
The Wixom plant now has seven presses, with clamping forces of 250-850 tons. Innovative already is making plans to purchase a 2,000-ton press as part of its expansion plans.
Henecke aims to take the company from $5 million in annual sales to $20 million within five years. The business specializes in automotive seals and plugs used for air, noise and water management systems, typically produced with recycled PVC and polypropylene. That ``green'' emphasis will continue, he said.
At the same time, Henecke said he will look to add a wider range of interior and exterior moldings and a gas-assist molding line as part of the overall business expansion.
Hematite's Canadian holdings, meanwhile, will continue extrusion and thermoforming operations.
Hematite is a Tier 1 supplier to Ford Motor Co., General Motors Corp. and DaimlerChrysler AG.
Coronado Engineering files for Chapter 11
WICHITA, KAN. - PVC mixing equipment specialist Coronado Engineering Inc. has filed for protection under Chapter 11 of the U.S. Bankruptcy Code.
The Salina, Kan., firm made the filing Sept. 5 in U.S. Bankruptcy Court in Wichita. It noted in its filing that it would have no funds to pay unsecured creditors.
Its largest unsecured creditor is Creek Electric Inc. of Wichita, which is owed about $241,000. Other major creditors include Kasa Industrial Controls Inc. of Salina; M&E Fabrication of Gaffney, S.C.; Extrusion Specialty Products of McPherson, Kan.; and Mixing Technology Inc. of Houston, according to the filing.
Coronado focused on building PVC blending plants. It developed technology that enabled the company to put blending equipment in a silo so that dust and noise would be kept outside the extrusion plant. It claimed the silo system could be set up faster and cheaper than conventional blending equipment.
Coronado officials were unavailable to comment on the bankruptcy. In January, The Salina Journal reported that Coronado had laid off about a dozen employees, about a quarter of its staff, because of a downturn in home construction. The company will hold its first meeting of creditors Oct. 10, Coronado said in its filing.
Amnitek closes, machinery auctioned off
SAN ANTONIO - Amnitek Ltd., an Asian joint venture intending to serve Dell Computer Corp., has closed down in San Antonio.
Plant & Machinery Inc. of Houston auctioned eight Toshiba injection presses and six Aida metal stampers on Aug. 28. Amnitek now seeks to sublease the 90,000-square-foot facility.
The joint venture launched in March 1999 to make personal computer housings, primarily for Austin, Texas-headquartered Dell. The computer maker had pressed domestic suppliers to invest in plastics processing and metal-stamping capabilities but recently shifted work to offshore suppliers.
Amnitek had employed 50-70. The joint venture was owned by Amtek Group's Amtek Engineering Ltd. of Singapore, Kris Components Bhd. of Selangor, Malaysia, and Wuthelam Group's majority-owned Omni Industries Ltd. of Singapore. They had invested a total of $9.3 million in equity capital in Amnitek.
The company ceased operations July 25. ``This decision was reached and agreed by the board of Amnitek in view of the difficult environment brought about by the downturn in the U.S. economy and a realignment of a principal customer's strategies,'' management said in a statement.
About 500 persons attended the equipment auction, said Plant & Machinery President Robert Braman.