Two employees of Intex Plastics Corp. purchased the assets of the firm's lone U.S. manufacturing facility in Corinth and its Memphis, Tenn., sales office June 3. Terms of the deal were not revealed.
Jerold Waxman, Intex director of sales and marketing, and plant manager James Jones partnered to acquire the 800,000-square-foot facility that they touted as the domestic leader in such markets as calendered PVC film for the pressure-sensitive sector, awnings for recreational vehicles and industrial laminates.
``Mr. Waxman and I knew the history of the company and its potential and made the commitment to continue the operations here in Corinth,'' Jones said in a news release.
Intex Plastics is a subsidiary of Intex Corp. of Long Beach, Calif.
In a June 10 telephone interview, Waxman said Intex Corp., a producer of inflatable swimming pools and accessories, does most of its manufacturing in China. He said its U.S. plant did not fit into its core business, therefore it divested the operation to focus on its import business.
The facility is operating under the temporary name IPC Acquisition Co. until a permanent name is selected later this year.
``We both see a wonderful opportunity in growing the business through hands-on ownership,'' Waxman said.
Intex reported 2002 sales in excess of $100 million, with annual resin throughput of 90 million pounds. Its manufacturing facility employs 300. Waxman said the firm operates five calendering machines, four laminators and three print machines.
All the employees have been retained said Jones, who will take over as the company's secretary. Waxman will serve as president.
