Madonian pleads guilty to fed charges
MACON, GA. - Samuel Madonian, a Macon resin broker, has pleaded guilty to a pair of criminal charges in U.S. District Court in Macon. Madonian operated Sheetex Inc. and Dixie Pak LLC from 1996-98. He pleaded to one count of concealing assets in anticipation of a bankruptcy proceeding and one count of mail fraud for shipping inferior-grade resins to customers, then refusing to return payments, according to the U.S. attorney for the Middle District of Georgia.
Madonian is to be sentenced in early December and faces a maximum prison term of 10 years. His lawyer, Hale Almond of Macon, said several additional counts against Madonian were dropped and his client could receive probation rather than jail time when sentenced.
Molder closing Ind. toolmaking facility
ROCKLAND, MASS. - Medical processor Polymer Corp. is closing its Indianapolis mold-making plant in the face of stiff overseas competition.
The firm is exiting the custom mold-making business, but will continue to build molds for projects where it does the injection molding, said Frank Lesson, president of the Rockland-based company. The plant will close by the end of October.
The company is laying off all 17 employees at Indianapolis and moving the bulk of the equipment to its Monson, Mass., injection molding plant, said spokeswoman Kerry Grenier.
U.S. Bank becomes new owner of EDI
MINNEAPOLIS - Minneapolis-based U.S. Bank, the largest creditor of Extrusion Dies Inc., has taken over ownership of the flat-die maker from Butler Capital Corp. of New York. Under its new name, Extrusion Dies Industries LLC, EDI will continue to operate and make investments.
The bank will own EDI for at least two years, according to Timothy Callahan, EDI president and chief executive officer. ``They're not looking to turn it,'' he said.
EDI makes flat dies and feed blocks used to make film and sheet. The company runs a headquarters plant in Chippewa Falls, Wis., and a subsidiary in Leicester, England, called Extrusion Dies UK.
Basell will sell PP for ConocoPhillips
LINDEN, N.J. - Basell USA Inc. will handle sales and marketing of polypropylene produced by ConocoPhillips at a new plant in Linden.
Basell of Wilmington, Del., will have 4 billion pounds of North American PP under control after adding the 775 million pounds of capacity in Linden. The Linden plant is to open early next year.
``The plant is located where a good portion of market demand resides,'' said Basell President Chuck Platz. ``[Partnering with ConocoPhillips] really helps our geographic reach.''
* Amcor PET Packaging of Manchester, Mich., will close a bottle blow molding plant in Rancho Cucamonga, Calif., by the end of January, as it combines operations after a recent merger. The closing will affect 63 workers at the site. ... A decline in polyethylene film work at Bemis Co. Inc.'s plant in Terre Haute, Ind., has led the company to lay off 180-200 people there. A spokeswoman said the layoffs may be temporary, related to cyclical business. The plant employed 1,100 before the layoffs. ... United Plastics Group Inc. of Westmont, Ill., is laying off close to half the work force at its Bensenville, Ill., injection molding facility. The company already has transferred 16 injection presses in Bensenville to its new facility in Suzhou, China, said Chuck Villa, UPG executive vice president of business development. The company will lay off 120 workers at the Bensenville plant by early November. ... Diverse manufacturer Exco Technologies Ltd. of Markham, Ontario, has entered thermoforming by acquiring NeoCon International Inc. NeoCon will become a unit of Exco's Polytech subsidiary, a producer of vehicle cargo-management systems such as trunk netting. NeoCon thermoforms cargo-management and floor-protection systems in Dartmouth, Nova Scotia. Exco paid C$10.7 million (US$6.7 million) for NeoCon and assumed its debt of about C$4.3 million (US$2.7 million). Founder Patrick Ryan will continue to head the firm.