Demag supplier buys machining operation
STRONGSVILLE, OHIO - Demag Plastics Group has sold two buildings in South Carolina.
The injection molding machinery maker sold its Duncan, S.C., machining operation to one of its suppliers, T&B Foundry Co. of Cleveland, on April 21, said Bill Carteaux, co-executive managing director. He said T&B will continue to supply components to Demag's assembly plant in Strongsville, as well as other customers.
Demag Plastics Group also sold a building in Fountain Inn, S.C., that housed its screw and barrel factory. DPG moved the operation to Strongsville. Carteaux said DPG sold the building to an expanding South Carolina business in a deal that closed Aug. 2.
Equistar venture pays merging parent firms
HOUSTON - Things appear to be picking up at Equistar Chemicals LP, as the Houston-based petrochemicals firm recently made payments to its parent firms for the first time in four years.
Equistar paid out a total of $100 million to Lyondell Chemical Co. - which owns 70.5 percent of Equistar - and Millennium Chemicals Inc., which owns the remainder. Lyondell and Millennium are merging, in a deal that will create North America's third-largest chemicals firm. The merger is to be wrapped up by year's end.
Equistar, one of the world's largest polyethylene makers, racked up sales of almost $4.1 billion in the first half of 2004, a 25 percent jump over the year before. It posted operating profit of $160 million after losing $72 million in the year-ago period.
Not counting eliminated sales, polymers made up 22 percent of Equistar's first-half sales. First-half sales in pounds were up 15 percent to 2.9 billion.
Equistar said higher prices for PE and other ethylene derivatives ``more than offset'' raw material costs in second-quarter 2004.
Dieffenbacher sells rubber machine biz
WINDSOR, ONTARIO - Dieffenbacher North America Inc. of Windsor has sold its rubber-related equipment line to focus on other businesses, including plastics compression molding machinery.
Machinery maker Sherdil Precision Inc. acquired the rubber injection and compression molding press line July 20 from Dieffenbacher. Sherdil of Tecumseh, Ontario, is a Dieffenbacher vendor.
Dieffenbacher North America, a unit of Eppinger, Germany-based J. Dieffenbacher GmbH & Co. K.G., said it will refocus on core wood, metal and plastic businesses.