A new custom injection molder is for sale in Ontario, northeast of Port Huron, Mich.
Renwel Inc. ran into financial difficulties during its start-up phase, said Perry Krieger, principal of Perry Krieger & Associates Inc., the Toronto-based receiver for the company. Some equipment deliveries were slower than expected, hurting initial production volumes and leading to cash-flow problems and cost over-runs, he said by telephone.
Renwel occupies a new, 90,000-square-foot building in Goderich. Its assets include Husky and Engel injection molding machines, materials-handling and chilling systems and a 10-ton overhead crane. Krieger did not identify the company's investors.
Renwel began making cups and garden baskets until it shut down in February after its main lender forced it into receivership. The firm is for sale as a going concern. No deadline has been set for a sale.