Alcan sells cosmetic-packaging unit
MONTREAL - Alcan Inc. has sold its French-based cosmetics-packaging business to an injection molder that will add blow molded products to its portfolio.
Alcan, based in Montreal, sold its Decoplast unit June 7 to IPH Groupe Spid, a maker of injection molded parts for the automotive, food and packaging markets, according to an Alcan news release. Terms were not disclosed.
IPH will take over Decoplast facilities in La Roche sur Foron and Senlis, France. The plants recorded sales of 26 million euros ($35.5 million) in 2004 and together employ 312, Alcan officials said.
Alcan President and Chief Executive Officer Christel Bories said her company's strategy ``is to focus its packaging beauty businesses on those areas in which it has a differentiated product offering.''
Alcan has 14 other facilities in France that focus on health and cosmetic products, according to the company's 2004 annual report. Overall, the company had 179 packaging plants in 27 countries at the end of last year.
Alcan, a producer of packaging products and aluminum, recorded sales of $24.9 billion last year. Its global cosmetics packaging business includes products for makeup, fragrance and personal care, and it has facilities in Europe, North and South America, and Asia.
VEC to buy more specialized equipment
GREENVILLE, PA. - Engineered composites maker VEC Technology LLC is acquiring more specialized equipment for use in its recently enlarged regional manufacturing center in Greenville.
The company also is discussing establishing other regional production sites and potential licensing arrangements.
VEC employs 80 and occupies 65,000 square feet, including a recent addition of 12,000 square feet. VEC's standard closed-mold technology reduces styrene emissions during lamination by more than 90 percent vs. gel-coat processing.
The Pennsylvania Department of Community and Economic Development has agreed to loan VEC up to $500,000 through its machinery and equipment loan fund.
``At the time of approval from the Governor's Action Team, we had 76 active employees,'' said Frosina Cordisco, VEC vice president of finance and chief financial officer. ``We have a commitment to add 25 employees over the next three years.''
VEC intends to market and license its Virtual Engineered Composites process beyond marine applications.
Genmar Holdings Inc. of Minneapolis owns about 90 percent of the company, and Interplastic Corp. of St. Paul, Minn., owns the remainder. Genmar spun off VEC into a stand-alone business in February 2004.
A Genmar subsidiary licenses VEC marine technologies for manufacturing boat hulls for its Larson and Glastron brands at a highly automated, closed-mold manufacturing facility in Little Falls, Minn. Genmar has 16 boat brands, nine manufacturing centers and recent model-year sales of about $1 billion.
Tyco sells U.K. films unit to British firm
PRINCETON, N.J. - Tyco International Ltd. has sold its British-based films business to a private investment group, the first step in exiting from its plastics and adhesives operations.
Tyco, based in Pembroke, Bermuda, but operating from Princeton, sold four film extrusion plants to London-based Gil Investments in a deal completed June 10, said sources close to the transaction. Tyco officials could not be reached before deadline, and a Gil spokesman declined comment.
According to sources, Gil has purchased Tyco film plants in Brighouse, Leeds, Potters Bar and Preston, England. The facilities employ 380 and generate annual sales of about $110 million, according to a report from Plastics and Rubber Weekly.
The operation, expected to be renamed Total Polyfilm, extrudes and converts linear low density polyethylene film for shrink wrap and other packaging applications. The Brighouse plant recently was expanded; Tyco invested $3 million in late 2004 to add a 38,000-square-foot addition, doubling its size.
Tyco officials had said May 3 that the company would attempt to sell its global plastics and adhesive business, which generates $1.74 billion in sales.
Gil, a private investment firm, owns several other plastics operations in England, including injection molder Silkjet (Leicester) Ltd. of Leicester, England.