DuPont ups offer on minority share price
WILMINGTON, DEL. - DuPont Co. has increased its share price offer for minority shares in subsidiary DuPont Canada Inc. by 3.6 percent to C$21.75 (US$15.88). The company also extended its offer to June 16.
Only 23 percent of the minority shares were tendered for the original C$21 (US$15.50) by the May 23 deadline. Wilmington-based DuPont then extended the offer to June 9, seeking only 50.1 percent of minority shares. Its latest revised offer also will seek 50.1 percent.
DuPont already owns 76 percent of the Mississauga, Ontario, subsidiary and would pay a total of nearly C$1.5 billion (US$1.1 billion) to get the rest.
Independent Plastic oves into new plant
NEW CASTLE, IND. - Independent Plastic Inc.'s distribution facility in New Castle has moved into a smaller location, next to its former plant.
President David Ressler said his dabbling in real estate caught the attention of New Castle officials who afforded him a ``gentleman's agreement'' to build on the property. The 20,000-square-foot plant is adjacent to its former 30,000-square-foot home. The four New Castle workers moved into the $500,000 building May 1.
Ressler said moving into the smaller facility turned out to be good timing, considering the economic climate.
``Our dollars are similar, but the pounds are down,'' Ressler said by phone from Independent Plastic's headquarters in Houston. ``With some things, you have to cooperate with the economy. No one's saying it's happy days.''
He said Independent used to buy more resins, but now 75 percent of its business is the selling of virgin pellets with the rest in compounded resins. He did not reveal capacity but said the firm, which operates two distribution plants in Houston and New Castle, has annual sales of $10 million.