Canon Communications LLC announced April 21 that it has purchased Modern Plastics and Modern Plastics International magazines from Chemical Week Associates.
Los Angeles-based Canon currently owns Injection Molding Magazine, Plastics Machinery & Auxiliaries magazine, as well as various trade shows, including the Plastec plastics shows.
The magazines already shared common ownership, although the sale signals a shift in how closely they will work together. Both Canon and CWA are portfolio companies of Private Equity Fund II of Veronis Suhler Stevenson, a New York-based investment bank. Veronis Suhler, which bought Chemical Week Associates in 1997, acquired Injection Molding in January 1998 and the Modern titles in October 1999. After the Modern purchase from McGraw-Hill Cos., Veronis stressed that despite the common ownership, the plastics publications would be independent and would continue to compete.
With this latest ownership shift, though, the emphasis is on synergy - providing full, international market coverage, and supporting Canon's plastics trade shows, according to a news release.
Kevin O'Grady, group publisher of Canon's plastics publications, will oversee Modern Plastics and Modern Plastics International. Patrice Aylward, a Canon spokeswoman, said Tim Yocum, who recently replaced Stephen Schwartz as publisher of the Modern Plastics publications, is likely to remain in place. But she said it is too early to say whether Canon will make staffing changes or cuts, or whether Modern's headquarters in New York will remain open. Six or seven staffers in the New York office are dedicated to the Modern publications, including editor-in-chief Patrick Toensmeier, a long-time industry veteran.
``We're in the process of analyzing staffing and making offers,'' she said. Still, Aylward emphasized that the deal isn't being driven by a need to cut costs.
``The primary driver is the desire to have an international presence,'' she said.