Shareholders seek addition to board
CINCINNATI - Milacron Inc. announced April 4 it is postponing its April 23 shareholders meeting because of issues raised by one of its largest shareholders.
In a March 24 filing with the Securities and Exchange Commission, the Geier Family Shareholder Group urged shareholders to elect a Geier nominee, Jerome L. Fedders, to Milacron's board of directors.
In its proxy, the group says shareholders should vote for its nominee because ``the company's performance has fallen short of expectations in recent years,'' citing its acquisition strategy, the failure to meet the ``new competitive challenges of the industry'' and a reduction in demand for Milacron's products.
Fedders, a former controller at Milacron, retired from the company in September after 21 years at the company.
Milacron said the shareholder's meeting will now take place no later than May 23. Spokesman Al Beaupre said the company is in discussions with the Geier family's legal representation.
Representatives from the shareholder's group could not be reached for comment. The family members are descendants of Frederick A. Geier, who helped found the company in 1884. The Geier family owns 740,813 shares of common stock and 1,416 shares of preferred stock, according to the filing.
Eagle Plastics Division closing in May
NORTH RIDGEVILLE, OHIO - The Eagle Plastics Division of North Ridgeville-based Plastics Components Inc. is closing, effective May 31.
Eagle Plastics in Stow, Ohio, operates a 92,000-square-foot plant that currently employs 61. An undetermined number of those workers will have the option of moving to the similar-size plant in North Ridgeville, said Jerry Brighton, Eagle Plastic's vice president and general manager.
He said the shutdown is related to the loss of business to countries like China.
``With business being lost over the last two or three years, we just can't get enough work to keep two plants going at this time,'' he said. ``A lot of work has gone overseas.''
The custom injection molder, which started in 1970 and was purchased by PCI in 1996, operates 30 presses with clamping forces of 150-700 tons.
Worker killed in April 2 Bayer explosion
ADDYSTON, OHIO - An explosion in the production area of Bayer Corp.'s Addyston facility resulted in the death of a worker April 2.
The employee, 45-year-old Kevin Cook, was operating a production vessel when the explosion occurred at about 4 a.m., spokesman Bill Allan said. The cause of the explosion has not been determined and no damage estimate was available. He said an investigation has begun.
The area of the incident has been shut down, and no timetable has been set for its reopening. The rest of the plant is operational. The plant polymerizes and compounds ABS and styrene acrylonitrile.
Asian manufacturer purchases Tiepet
SPARTANBURG, S.C. - Indorama Group, an Asian manufacturing firm, has bought Tiepet Inc. USA, including Tiepet's PET plant in Asheboro, N.C.
No purchase price was disclosed by the firms, although the Daily Deal financial Web site reported the transaction amount as $42 million.
Tiepet is a unit of Tietex International Ltd., a major engineering fabric maker based in Spartanburg. The 150 million-pound-per-year PET plant opened in 2001.
Tietex Chairman and Chief Executive Officer Martin Wildeman said in a news release that PET resin ``was not a core business'' for his firm.
Indorama Group - based in Jakarta, Indonesia - is owned by the Lohia family. The firm operates manufacturing sites for textiles and related industries in Indonesia, Sri Lanka, Thailand, Turkey and India. It also produces about 1.5 billion pounds of polyester annually.
The Tiepet purchase is Indorama's first action in the United States, although the firm sold almost $200 million worth of its products into North America in 2001. Indorama's total sales last year were about $500 million.
In a news release, Indorama Synthetics Chairman S.P. Lohia said Indorama was ``extremely excited'' about the Tiepet deal and the ``strong foothold this opportunity affords.''