Silgan closing Calif. container facility
STAMFORD, CONN. - Silgan Holdings Inc. plans to close its Anaheim, Calif., plastics container plant by Nov. 1.
The Stamford company will lay off the plant's 96 workers and shut down the operation, according to a spokeswoman for the California Employment Development Department in Sacramento, Calif. The company notified the state Aug. 28.
Company officials declined to comment. The leased, 127,000-square-foot plant is one of 24 facilities operated by Silgan in North America, according to a Securities and Exchange Commission filing.
Silgan makes extrusion blow molded containers from high density polyethylene and PET for personal-care and health-care uses. The company's plastic container division recorded $501.3 million in sales for 2002.
The news follows Silgan's announcement in August that it would close a plant in Norwalk, Conn., that makes plastic easy-open lids for microwaveable food bowls.
SAM joins broad trade-policy coalition
WASHINGTON - The group Save American Manufacturing, which has strong ties to the mold-making industry, has joined a new coalition of steel, textile and agricultural companies that wants to raise awareness of what it says are the harmful effects of globalization and U.S. trade policy.
The Free Trade For America Coalition, which launched with a Sept. 25 news conference in Washington, is led by Wilbur Ross, chairman of WL Ross & Co. in New York and an industrialist who has bought struggling steel companies and textile manufacturers.
``America's standard of living is being systematically destroyed by our international trading partners, and the people must be made aware of this economic disaster,'' said Ross, who in his remarks to reporters referred to ``economic terrorists'' harming the U.S. economy.
It's not clear exactly what the group will do, however.
Freetac, as it calls itself, does not have a formal agenda, and Ross declined to say how much money it has or whether it will organize a political action committee. Many of its members say they have been hard hit by foreign trade and, like the steel industry, have pushed for import restrictions.
Freetac does not have any paid staff yet, Ross said. He said the group wants to gather data and work to change was he said is the premise of current trade policy: that anything that bills itself as ``free trade'' is always good.
AEP liquidating its Fiap film operation
SOUTH HACKENSACK, N.J. - Flexible packaging maker AEP Industries Inc. is liquidating Fabbrica Italiana Articoli Plastici SpA, its PVC film-making operation in Turate, Italy.
AEP of South Hackensack made the decision after Fiap posted a loss of $4 million in the first nine months of AEP's fiscal 2003, which began in November.
In a Securities and Exchange Commission filing, AEP said Fiap has a negative net worth of $8.3 million. The liquidation is expected to be completed sometime in 2004.
Overall, AEP lost $9.6 million in the nine-month period, even though sales increased almost 14 percent to $550.9 million vs. the same period in 2002. The firm had posted a $5.3 million profit in the year-ago period.
Recovering Moll moving HQ to Dallas
NASHVILLE, TENN. - Moll Industries Inc. is moving its headquarters for the second time this year, from Nashville to Dallas, as the company continues its recovery from bankruptcy.
The custom injection molder said Sept. 25 that it is moving to be closer to its manufacturing plants; its primary stakeholder, Highland Capital Management LP; and its financial adviser, Barrier Advisors LP. Highland and Barrier are in Dallas.
The move is to be completed by the end of October.
Moll said fewer than 10 people, primarily in the corporate staff and accounting areas, have been offered relocation opportunities and none are expected to accept. Plant operations will not be affected, it said.
The company moved its headquarters from Davie, Fla., to Nashville earlier this year. It emerged from bankruptcy June 24.
The firm also announced a new board: James Dondero, president of Highland Capital, and Joseph Dougherty, also of Highland; Moll executives Ron Embree and David Strickland; and Christopher Coleman from Barrier. Moll's former chief financial officer, William Teeple, who helped guide the firm through the reorganization, no longer is with the firm, a spokeswoman said.