Kennerley-Spratling buys MOS Plastics
SAN LEANDRO, CALIF. - Kennerley-Spratling Inc. has acquired MOS Plastics Inc. in a combination of two northern California custom injection molders.
KSI bought MOS from investment firm CHF Capital Partners of Palo Alto, Calif. Terms of the March 1 cash deal were not disclosed.
About 30 miles separate the plants of KSI in San Leandro and MOS in San Jose. With the linkage, each business can offer a broader range of services, from design through assembly. The sites will operate as separate business units.
KSI employs about 175 at a 72,000-square-foot facility. It operates 23 presses with 80-1,000 tons of clamping force. MOS, which employs about 50, has 38 machines of 28-550 tons in a 60,000-square-foot plant.
On Jan. 1, KSI formed a separate company for its automotive parts production, said Jeffrey Cranor, KSI vice president of sales. KS Automotive Inc. employs 50 and operates 17 presses up to 1,760 tons. Its 30,000-square-foot facility in San Leandro is near the KSI plant.
Formica Corp. files for bankruptcy
WARREN, N.J. - Thermoset laminates producer Formica Corp. has filed for protection under Chapter 11 of the U.S. Bankruptcy Code.
The Warren company said March 5 it will restructure U.S. operations and has reached an agreement with its banks to support continuing operations. The announcement comes about two months after Formica replaced senior management and hired Lazard Freres & Co. LLC as a restructuring adviser. Formica appointed Frank Riddick III, former president of building materials producer Armstrong World Industries Inc., as president, chief executive officer and director of Formica.
Formica's main U.S. plant is in Odenton, Md. The firm said it does not expect its bankruptcy petition to affect subsidiaries in Canada, Mexico, Brazil, Europe and Asia.
Riddick said Formica will continue production and will continue to pay vendors. He blamed the firm's difficulties on the recession, aftershocks of the Sept. 11 terrorist attacks and a high debt load. Its major, indirect shareholder is Credit Suisse First Boston Private Equity.
Formica's banks will provide a $77.9 million revolving credit loan and letters of credit to help keep the company running. The company, founded in 1913, makes decorative surface materials, including high-pressure laminates, solid surfacing materials and laminate flooring.
InnoPlas nabs assets of defunct Richland
LEXINGTON, OHIO - InnoPlas Corp. of Kenton, Ohio, bought the assets of defunct injection molder Richland Molded Products at a March 7 sale conducted by the Richland County Sheriff's Office.
InnoPlas paid $97,000 for the equipment - $17,000 more than the appraised value - according to sheriff's deputy Cathy West.
InnoPlas owner Keith Kinnear said he probably would use two of the 16 injection presses acquired in the sale at a new, 80,000-square-foot plant his firm will move into in Kenton later this year. The remaining presses either will be put into storage or sold, Kinnear said, adding he was more interested in the dryers, grinders and accessory equipment acquired in the purchase.
InnoPlas outbid Cleveland Die Stamping, a metal-stamping firm that had planned to reopen Richland Molded and hire former Richland plant manager Alan Kleer.
Lexington-based Richland went out of business Nov. 30, less than a year after being purchased by Patrick Healy. Proceeds from the sale will be used to pay down a $900,000 debt Healy owed to Charter One Bank of Cleveland
Healy could not be reached for comment.
* Silvatrim Corp. of America of South Plainfield, N.J., is out of business, the second profile extruder casualty in New Jersey within a few months. President Bill Shanok, reached by telephone March 5, declined comment. Custom extruder Dande Plastics Inc. in Dunellen, N.J., shut its doors three weeks ago after being in operation since 1967. Silvatrim made decorative moldings, cellular foam frames and products for markets including building and construction, appliances, industrial and furniture. ... Precision injection mold maker Morrow Enterprises Inc. has closed its doors. Officials from the Horse Shoe, N.C.-based mold maker did not return calls seeking comment, but the Hendersonville (N.C.) Chamber of Commerce said it was notified Feb. 19 that Morrow would be closing. Indian Trail, N.C.-based Asset Sales Inc. auctioned off the firm's machinery March 7.