Berry acquires CCL closures business
EVANSVILLE, IND. - Berry Plastics Corp. expanded its closures business by acquiring products and assets from CCL Industries Ltd. of Toronto.
Berry bought CCL's 400-series of continuous-threaded, injection molded closures and an unspecified number of injection presses from CCL's Los Angeles facility. Officials did not disclose terms of the deal, announced Feb. 24.
Ira Boots, Berry president and chief executive officer, said in a telephone interview that Berry will move the presses to one of its western facilities to continue serving customers in the region. The acquired business represents about $8 million a year in sales. Berry, based in Evansville, is a major player in injection molded and thermoformed closures, containers, cups, overcaps and housewares.
CCL's Los Angeles facility will focus on its core business of making plastic tubes for the personal-care market, said Gene Dorsch, president of the CCL Packaging division.
Decoma passes on Peguform assets
CONCORD, ONTARIO - Decoma International Inc. has backed off from a proposal to buy Peguform GmbH's French operations.
The exterior automotive specialist did not provide any details on the decision, announced Feb. 28.
Peguform France SAS and its four plants are operating in insolvency, the same as its parent group, Peguform GmbH of BÃ¶tzingen, Germany - itself part of Venture Holdings Co. LLC of Fraser, Mich. Companies interested in buying the assets had to submit a bid to the French court by Jan. 31. The bulk of the French business is in injection molding and painting of bumper fascias.
Executives for Concord-based Decoma have said the company is seeking potential acquisitions through the coming months. The French business was one possible target.
Plastech looks at Louisville plant site
LOUISVILLE, KY. - Plastech Engineered Products Inc. might build a second plant in Louisville, according to a local newspaper.
The minority-owned auto parts injection molder is eligible for as much as $8.5 million in state income tax credits for investment in a $78 million manufacturing plant, reported Business First. The facility would employ about 425 and have about 330,000 square feet of space.
Plastech officials could not be reached for comment.
Dearborn, Mich.-based Plastech leased its first plant in Louisville, a 273,000-square-foot building, in 2000.
Kuttawa auction rescheduled for March
KUTTAWA, KY. - An auction for the assets of injection molder Kuttawa Plastics LLC has been delayed until at least mid-March.
Kuttawa formed in the past few months from the struggling Diversified Decorative Plastics LLC after a turnaround effort failed.
The Kuttawa-based firm made decorative auto moldings. Management and outside investors have attempted to keep it operating, with hopes to buy the assets through an auction originally set for Feb. 28 at accounting firm Philip-Rae & Co. in Naperville, Ill.
The session was delayed for about 10 days because of requests for more time to prepare bids, said Philip-Rae executives.
Former recycling exec gets prison term
MINNEAPOLIS - The former president of recycler Quality Checked Plastics Inc. was sentenced Feb. 25 to prison and ordered to pay more than $500,000, after he admitted stealing from the company's pension plan.
Steven Chester Lind, 55, of Hamilton, Ohio, was sentenced to 33 months in prison, plus three years of supervised release. He also was ordered to pay $415,000 restitution to the Paynesville, Minn., PET and high density polyethylene recycling company, and to pay a $98,000 personal judgment.
Prosecutors said he stole the money between 1998 and 2000 by tapping into the pension fund, using corporate credit cards for personal benefit, paying himself more salary than he was allowed and diverting company tax payments for his personal use.
He was sentenced in U.S. District Court in Minneapolis.
Prosecutors did not say why he took the money, but Lind had a $444,000 judgment against him from a 1990 bank embezzlement case. As a result of that charge, he had served 18 months in federal prison in Duluth, Minn.
Lind began working at Quality as a bookkeeper in 1991 and later was promoted to president, prosecutors said.