Managers acquire toolmaker StackTeck
BRAMPTON, ONTARIO - Managers at toolmaker StackTeck Systems Inc. have completed a buyout of the Brampton-based company, and now are seeking more growth opportunities.
An unidentified U.S. financial group helped with the acquisition of StackTeck from Castle Harlan, a New York-based investment group. The groups did not disclose a purchase price in the deal, announced Oct. 24.
The move should free up the company to seek out other potential acquisitions and markets, said Jordan Robertson, general sales manager.
``We have historically grown by acquisition and we certainly look to continue to grow,'' he said.
StackTeck was created in 1998 and takes in the operations of two Toronto-area tooling shops - Tradesco Mold Ltd. and Unique Mould Makers Ltd. - and Fairway Molds Inc. of Los Angeles. It is among the largest mold makers in North America, with more than $54 million in annual sales and 350 employees.
``This will provide us the opportunity to take advantage of the many growth initiatives we have developed over the last few years,'' David Brown, president and chief executive officer, said in a news release.
StackTeck specializes in tools for injection molders serving the packaging and medical industries. It also has been focusing on turnkey integrated systems such as in-mold labeling and other value-added production, Robertson said.
Folgers to return to HDPE in early 2006
CINCINNATI - Folgers plans to restart production of coffee sold in plastic containers in early 2006.
Production was stopped after Hurricane Katrina hit New Orleans in late August because of damage to Folgers' New Orleans plant, according to Jen Becker, a spokeswoman with Folgers' parent firm, Cincinnati-based Procter & Gamble Co.
Folgers has other U.S. coffee plants, but the New Orleans site - the company's largest - is the only one outfitted with filling equipment for the plastic containers, Becker said. Folgers first made the switch from metal cans to high density polyethylene for 39-ounce containers in late 2003, and was in the process of converting all of its coffee containers to plastic.
Flextronics plans new complex in India
SINGAPORE - Flextronics International Ltd. will include plastic injection molding among services in a new vertically integrated complex the firm plans to build in Chennai, India.
Flextronics signed a memorandum of understanding with the state of Tamil Nadu and expects to begin manufacturing operations at the park in June. Initial investment is projected at $30 million to $50 million.
As an electronics manufacturer, Flextronics employs more than 5,000 in India at factories in Bangalore and Pondicherry and design centers in Bangalore, Chennai and Gurgaon.
The new site will handle printed circuit-board assembly, mechanicals and enclosure integration, distribution, logistics and repair services, in addition to plastics processing. Collocation of Flextronics and supplier operations reduces supply-chain costs and improves cycle times, according to the company.
Singapore-based Flextronics operates other complexes in Brazil, China, Hungary, Mexico and Poland, and had profit of US$339.9 million on sales of US$15.91 billion for the fiscal year ended March 31.
Pella to make windows, doors in Ariz.
PELLA, IOWA - Pella Corp. is expanding to the Southwest, converting a site in Tucson, Ariz., to make vinyl windows and doors.
Manufacturing should begin in 2006, said Mel Haught, Pella president and chief executive officer, in a news release. He expects the company to hire as many 450 people for the Tucson site, which is near two tribal nations. Pella now employs 8,900.
The company will be fabricating its Thermastar vinyl windows and patio doors - carried by Lowe's stores - at the 270,000-square-foot site.
Headquartered in Pella, the company makes windows and doors there and in Carroll, Shenandoah, Sioux City and Story City, all in Iowa. It also has plants in Columbia, S.C.; Fairfield, Ohio; Portland, Ore.; Murray, Ky.; and Gettysburg, Pa. Pella also is building a facility for its wood Architect windows in Macomb, Ill., that will be finished in 2006.