Hybrid Plastics set for move to Miss.
FOUNTAIN VALLEY, CALIF. - Hybrid Plastics Inc. is preparing to move from California to Hattiesburg, Miss., as a result of a partnership with the University of Southern Mississippi. Hybrid Plastics specializes in polymer-related research, including nanocomposites.
Hybrid Plastics will set up a 26,000-square-foot manufacturing plant in Hattiesburg that also will provide technical support for Hybrid's polyhedral oligomeric silsesquioxanes materials. The facility may employ up to 25 and is scheduled to be completed in April, said Chief Operating Officer Carl Hagstrom. The plant is being paid for through a loan by the Mississippi Development Authority. The specific amount of money borrowed was not revealed. All 10 employees from Fountain Valley's 5,000-square-foot building will relocate to Hattiesburg.
``As you can see, this is a significant step up for us,'' Hagstrom said.
The agreement with USM also includes the establishment of a 1,500-square-foot research laboratory on campus as well as a Nanotechnology Center of Excellence.
Phoenix building PE bag, recycling plant
PAWLEYS ISLAND, S.C. - Phoenix Recycling Inc. is building a manufacturing facility in Hemingway, S.C., that will make polyethylene bags and recycle a range of plastics.
The plant will start with 20 employees, according to a news release. The square footage of the plant was left out of the release, but a report in the Florence (S.C.) Morning News reported that the company has invested $5.5 million in the expansion.
Phoenix Recycling markets consumer trash bags under the Enviro-Bag and Spirit Bag brand names. It also sells bags to municipalities for recycling programs.
The firm will maintain its sales and marketing office in Pawleys Island while relocating its storage operations to Hemingway.
``We are thrilled to be able to do this expansion here in South Carolina,'' President Gordon Dancy said, according to the release. Dancy could not be reached for comment.
Imperial equipment going up for auction
TORONTO - Imperial PlasTech Inc.'s equipment in Peterborough, Ontario, will be auctioned on July 9.
Infinity Asset Solutions of Toronto will handle the auction and plant inspection the day before. In an advertisement, Infinity stated that assets for sale include three extrusion lines up to 6 inches in diameter, compounding and grinding equipment, and Canadian Safety Association certifications for pipe and compounds.
Imperial's main lender, Laurentian Bank of Canada, forced the pipe and profile extruder into receivership June 12 when Imperial could not line up refinancing that satisfied the bank. All senior officers, including Imperial President Victor D'Souza, subsequently resigned. Richter & Associates of Toronto was appointed interim receiver.
Those moves followed a decision earlier this year to stop producing pipe and conduit in Atlanta and convert the operation to make plastic/wood composites.
Overall, Toronto-based Imperial lost C$2 million (US$1.5 million) on sales of C$5.6 million (US$4.2 million) for the quarter ended Feb. 28. The company also has a plant in Edmonton, Alberta.
Arrow owner indicted on tax evasion
FORT WORTH, TEXAS - A federal grand jury in Fort Worth has indicted Richard Michael Simkanin, owner of Arrow Custom Plastics, on 27 counts related to tax evasion.
According to the indictments issued June 20, Simkanin stopped withholding federal taxes from the 45 employees at the Bedford, Texas-based injection molding and tool firm in 2000 and has not filed a federal income tax return for the company since 1997.
Simkanin, the company's chief executive officer, has refused to pay taxes because he contends they are voluntary, according to a news release from the U.S. attorney's office in Dallas. He is part of a loose network of business owners and tax activists who argue that the federal tax code applies only to U.S. territories and foreigners in the United States, and that the 16th Amendment, which allowed for a federal income tax, never was ratified properly.
He was charged with 12 counts of failure to withhold, collect and account for taxes on money paid to his employees, and 15 felony counts of filing false applications for refunds.