Unova Inc. sheds R&B machinery unit
WOODLAND HILLS, CALIF. - Unova Inc. has sold the blow molding machinery part of R&B Machine Tool of Saline, Mich.
Unova, based in Woodland Hills, sold the R&B business in March to a group of private investors, an R&B spokesman said. The company, now called R&B Plastics Machinery LLC, continues to make machines to blow mold polyethylene bottles.
The deal included Monroe Mold, a maker of blow molds in Monroe, Mich. R&B and Monroe Mold employ a total of 56, the spokesman said.
Unova is the company that bought Milacron Inc.'s machine tool business in 1998. That same year, Unova bought R&B.
R&B, which has made blow molding machines since 1980, focused on equipment for Owens-Illinois Inc. But R&B has diversified and now sells to a variety of other customers as well.
No information was available on the new investor group, the spokesman said.
PowerTech providing remanufactured cable
SANTA ANA, CALIF. - PowerTech Components Inc., a supplier of mold wiring systems and cables for hot-runner systems, has started remanufacturing cable assemblies for hot runners.
The cables, which carry power and thermocouple signals to the hot-runner mold, can become damaged.
Because PowerTech developed a detailed database of parts and specifications for many runner and controller products, the company claims it can turn around most orders within 24 hours.
PowerTech of Santa Ana said remanufacturing typically can save molders 30-50 percent of the cost of a new cable.
Rheometric receives $1.5 million infusion
PISCATAWAY, N.J. - Rheometric Scientific Inc., which makes rheometers and other testing instruments, has received a $1.5 million cash infusion from its largest stockholder, Andlinger Capital XXVI LLC.
In 2000, the Andlinger investment fund bought about 50 percent of Rheometric Scientific. Last year the company began trading on the American Stock Exchange.
Under the new agreement, announced Aug. 13, Andlinger will invest $1.5 million for newly created, series B preferred stock. Andlinger can invest another $500,000 with the approval of the Rheometric board.
The new stock will not carry a current dividend, but will be subject to redemption at the option of the company, or upon a change in control or certain other major events, at a price equal to the original price times 12 percent per year.
Rheometric of Piscataway generated $31.3 million in 2001 sales, but had a net loss of $5 million.
The company said it needs new money because its senior loan with PNC Bank requires it to get a cash infusion of at least $1 million in the form of equity.
Andlinger Capital XXVI was formed by the principals of Andlinger & Co. of Tarrytown, N.Y.
Negri Bossi moves North American HQ
MISSISSAUGA, ONTARIO - Italian injection press maker Negri Bossi SpA has moved its North American headquarters from Concord, Ontario, to Mississauga, 10 minutes from Toronto's Pearson International Airport.
Negri Bossi also now fully owns the operation, after buying out a minority interest from an unidentified partner, according to a company spokesman. The North American operation is now Negri Bossi Inc.
The 10,000-square-foot building has a showroom, mold-testing facility and parts warehouse. It is designed to stock about 20 injection presses, shipped by the Negri Bossi headquarters factory in Milan, Italy. The company moved into the Mississauga building at the end of July.
Negri Bossi returned to North America in 2001 after a 10-year absence from the market. Now the company is looking for service and sales people here.
Here is the new contact information for Negri Bossi Inc.: 5181 Bradco Blvd., Mississauga, Ontario L4W 2A6, tel. (905) 625-7257, fax (905) 625-9991, e-mail [email protected]
Tessenderlo buys French compounder
BRUSSELS, BELGIUM - Tessenderlo Group will double its PVC compounding capacity with the acquisition of France's largest independent PVC compounder, Saplast SA of Strasbourg.
The deal, still subject to regulatory approval, involves the takeover of both Saplast and its Europolymers SA subsidiary. The firms being acquired manufacture about 176 million pounds of compounds annually.
According to Brussels-based Tessenderlo, Saplast employs about 100 and reported 2001 sales of about 57 million euros ($57 million).
Tessenderlo has PVC and thermoplastic elastomer compounding operations in France and Poland, and with this deal expects to be the fifth-largest PVC compounder in Europe. Tessenderlo's compounding plants are part of its plastics converting division, which also has pipe, window and door profile-manufacturing operations in Europe, South America and North America, where it owns Dynaplast-Extruco of Joncquiere, Quebec, and Chelsea Building Products Inc. of Oakmont, Pa.
Tessenderlo, which employs 8,000 worldwide, reported 2001 global sales of 1.9 billion euros ($1.86 billion).