CJM Investments to acquire Diaphorm
WOBURN, MASS. - Two top managers are partnering with private investment firm CJM Investments Corp. to buy the Diaphorm Division of Solectria Corp. for an undisclosed price.
The new company, named Diaphorm Technologies LLC, will continue to focus on developing technology to make structural parts from thermoplastic composites. The firm is in Woburn.
The deal was completed Nov. 8, said Robert M. Miller, the former head of the division, who assumes the roles of president and chief executive officer of the new company. His partner is Vasilios Brachos, who is now the vice president of engineering.
The purchase includes intellectual property, assets and equipment. Miller said the company will continue to rent space at Solectria until it finds a suitable facility of between 10,000 and 15,000 square feet for its operations. The new company is retaining all five divisional employees.
Diaphorm's process has been used in markets that include military, sports and automotive. Solectria, which makes energy-management components for automotive, power generation and other industrial applications, formed the division in 2002.
Diaphorm plans to add rapid prototyping, low-volume manufacturing and high-volume product support services.
Md. facility to focus on Raprex production
GAITHERSBURG, MD. - Irradiation specialist Sterigenics International Inc. will boost its stake in irradiated polymers with a commercial-size facility in Gaithersburg.
Sterigenics is converting the Maryland facility to a dedicated polyethylene irradiation operation to make Raprex-brand PE resins. Raprex product manager George Forczek said the operation will use electron beams to improve PE properties. Eventually the company plans to add other irradiated polymer production at the site.
Raprex resins exhibit long-chain branching, controlled cross-linking and controlled oxidation designed to improve PE performance. Initial grades are aimed at extrusion, injection molding, blown film and coating of metal and other ethylene-based resins. Sterigenics has patented its Raprex process.
Forczek said his San Diego-based company has been making modest quantities of Raprex PE resins at some of its 20 locations, but the firm wants to be able to supply an anticipated jump in demand.
Sterigenics is investing an undisclosed amount in Gaithersburg to add hoppers, silos, conveyors and other equipment to handle large quantities of pelletized resin. The firm will offer a range of production runs, from less-than-truckload to rail-car volumes.
Top Grade Molds Ltd. shuffles management
MISSISSAUGA, ONTARIO - Top Grade Molds Ltd. has restructured its management team.
Three senior managers have acquired equity in the company from Joe Slobodnik, who was the sole owner. Slobodnik, who founded the company in 1964, continues as president and chief executive officer, with a majority of the equity in Top Grade.
Carlos Ursic, one of the managers with newly acquired equity, has been named senior vice president for the Mississauga-based firm. Jerry Knezovic and Vince Ciccone have been named vice presidents of sales and operations, respectively.
Ciccone said the company has invested heavily in research and development in the past four years as it extended its work into thin-wall molds. The company has been issued six patents in the field and 20 more are pending, he said in a telephone interview.
Top Grade employs about 140 and does most of its business with U.S. customers.
Will Binder auctions off plant equipment
OLDCASTLE, ONTARIO - Assets of mold maker Will Binder Mold Ltd. were put up for auction Nov. 23 at the firm's Oldcastle facility.
Equipment sold included a variety of vertical machining centers, mills, electric discharge machines, lathes, boring mills and drills.
Corporate Assets Inc. of Toronto conducted the auction.
An online search of an Industry Canada database did not disclose any bankruptcy filing for Will Binder Mold. Company officials did not return telephone calls seeking clarification of the firm's status.
According to Canadian Plastics 2004 Directory & Buyers' Guide, Will Binder Mold was established in 1979 and employed 12.
Ashland Specialty buys Derakane unit
DUBLIN, OHIO - Ashland Specialty Chemical has expanded its plastics business by purchasing the Derakane-brand epoxy vinyl ester resin business from Dow Chemical Co. for $92 million.
The sale, set to close by early 2005, includes technology assets but no plants or other physical assets, Ashland officials said in a Nov. 4 news release.
Derakane is a thermoset resin that provides corrosion resistance and structural strength in fiber-reinforced plastics. Annual sales of the product are about $70 million.
Technologies such as thermoset chemistry are core to Ashland's long-term focus, said Ashland Specialty Chemical Vice President Ted Harris.
Midland, Mich.-based Dow is selling Derakane because expanding it would require investing in polyester, an area outside Dow's established core, said Juan Antonio Merino, Dow thermoset systems general manager.
Dublin-based Ashland Specialty Chemical already makes its own brand of epoxy vinyl ester, as well as modified acrylic resins and phenolics. The firm is a unit of Ashland Inc. of Covington, Ky.