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February 11, 2002 01:00 AM

TPI to liquidate if sale fails

Michael Lauzon
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    TPI Plastics Inc., a molder of decorative and seasonal plastic products in Coaticook, Quebec, is for sale.

    The firm filed for bankruptcy protection in late January and its receiver, Raymond Chabot Grant Thornton of Longueuil, Quebec, is trying to sell it as a going concern. The receiver is accepting offers until Feb. 14. If it cannot find a suitable offer, the receiver plans to liquidate TPI.

    Raymond Chabot account representative Christian Bourque estimates the book value of TPI's assets at C$9.4 million (US$5.8 million). Assets include six Ingersoll blow molding machines, four Ingersoll injection presses, numerous proprietary molds, painting and decorating equipment and a 105,000-square-foot plant in Coaticook.

    TPI's product line includes lawn and garden accessories and decorative novelties for Halloween and Christmas. The firm runs a sales office in Toronto and has a distribution network in Canada and the United States. Key retailers include Wal-Mart Stores Inc., hardware supplier Canadian Tire Corp. of Toronto and building supply merchandiser Rona Inc. of Toronto.

    Bourque said TPI continues to ship goods, but production has stopped until it finds a new owner to recapitalize the business. About 145 trained employees are available to work at the Coaticook facility. TPI is owned by a group of investors, with Donald Henderson holding a majority of shares.

    TPI once had a major, short-term contract with toy producer Hasbro Inc., but the work dried up in the late 1990s when Hasbro shipped the molding offshore.

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