Mold-base maker closing Calif. facility
KENILWORTH, N.J. - National Tool & Manufacturing Co. is closing its 12,000-square-foot Southern California production facility, which employed eight, and establishing a warehouse in the region.
National Tool in early August decided to close its plant in Newbury Park, Calif., and by October, move the equipment to Illinois, sales manager Scott Lukacs said in a telephone interview from the corporate headquarters in Kenilworth.
The producer of mold bases will retain its West Coast sales force and open a warehouse in the Anaheim, Calif., area.
``Our core business is in and around the Chicago area,'' Lukacs said. ``We can serve the largest amount of our customers from Chicago with more equipment, and with shipping companies being agreeable these days, we feel we can supply West Coast customers with the same if not better service.''
National Tool employs 112 and has warehouses in Ohio, Texas, Michigan and South Carolina.
Dyneon acquiring Solvay assets in Ala.
OAKDALE, MINN. - Dyneon LLC will grow its fluoropolymers business by acquiring assets in Decatur, Ala., from Brussels, Belgium-based chemicals maker Solvay SA.
U.S. and European regulators required Solvay to sell the assets because they are concerned that Solvay's $1.3 billion purchase of Bollate, Italy-based Ausimont SpA, a maker of specialty fluoropolymers, would give Solvay an unfair advantage in the fluorochemicals market. Even excluding the Decatur works, buying Ausimont will double annual sales for Solvay's specialty fluoropolymers business to about $1.7 billion.
Terms of the Decatur deal, which is to close by the end of the year, were not disclosed. Assets in the sale include a polyvinylidene fluoride plant in Decatur and a PVDF feedstock plant in Decatur operated by Alventia LLC, a 50-50 joint venture between Solvay and Oakdale-based Dyneon.
Most of the PVDF plant's output is sold into the wire and cable and chemical processing markets.
Poly-Pacific, U.S. Technology settle
EDMONTON, ALBERTA - Two recyclers and makers of plastic blasting media have reached a no-fault settlement that will resolve lawsuits alleging trade-secret infringement.
In 1999, Edmonton-based Poly-Pacific International Inc. sued U.S. Technology Corp. of Canton, Ohio, in an Alberta provincial court. Last year, U.S. Technology sued Poly-Pacific in an Ohio state court and a U.S. District Court, also in Ohio.
Reaching the settlement ``means we can concentrate our efforts on business development to the benefit of our shareholders,'' Thomas Lam, Poly-Pacific chairman, president and chief executive officer, said in a news release. Poly-Pacific, which trades on the Canadian Venture Exchange, reported 2001 sales of C$3.8 million (US$2.4 million).
For privately held U.S. Technology, the settlement will ``not change anything in our organization,'' President Raymond F. Williams said by telephone. ``Our grievance was some conduct issues. Rather than endless [litigation] in court, we talked to them and reached an understanding.''
The competitors did not disclose terms of the settlement, which they announced Aug. 22.
New speakers join Encounter lineup
INDIANAPOLIS - Are you concerned about processor profitability, competitiveness, overseas expansion, electronic reverse auctions, cash flow and financing? Hoop Roche, chairman and chief executive officer of Erie Plastics Corp., will join two financial officials with extensive plastics industry experience to discuss those topics Sept. 17 at Plastics Encounter Indianapolis.
Scott Murray, managing director and co-founder of Chicago private equity firm Madison Capital Partners, and Ed Rivera, an associate at MuÃ±oz Investment Banking Group, will team with Roche for the 21/4-hour workshop and debate.
Madison Capital owns several plastics processing and machinery firms, including Brown Machine, Epco and Dynisco. Rivera, a former Nypro Inc. executive, joined Arlington, Va.-based MuÃ±oz earlier this year. The firm helps companies secure capital, identify partners and trouble-shoot with foreign governments, especially in Mexico.