Textron selling Fastening Systems unit
Providence, R.I. - Industrial conglomerate Textron Inc. will sell its Fastening Systems unit to a private equity company in a $630 million cash deal.
Beverly Hills, Calif.-based Platinum Equity expects to complete its purchase of the $1.8 billion, 9,000-employee business in the third quarter of 2006, the companies announced June 1.
Textron, based in Providence, had been seeking a buyer for Textron Fastening Systems since late 2005. Textron is more widely known for its aerospace and defense businesses, which include Bell helicopters and Cessna aircraft.
Textron Fastening Systems, based in Troy, Mich., makes a variety of screws, rivets, bolts, clips and other connectors. Most of its business is in metal fabrication, but it has one plastics processing facility in Bonneuil-sur-Marne, France. Its products also are used in the assembly of such plastics items as auto interiors and cell phones.
Textron will retain its Kautex fuel-tank business, which has operated under the Fastening Systems unit.
Engineered Plastic Products seeks sale
YPSILANTI, MICH. - Auto supplier Engineered Plastic Products Inc. is pursuing a sale of its holdings as part of its plan to emerge from Chapter 11 bankruptcy protection.
The Ypsilanti-based injection molder continues to make interior trim parts at its facilities in Ypsilanti, Owosso and Auburn Hills, Mich.; and Lima, Ohio. It intends to keep making parts but also has submitted paperwork with the states of Ohio and Michigan that would allow a new buyer to close any of those sites.
EPP entered Chapter 11 in U.S. Bankruptcy Court in Detroit on March 9, as part of a restructuring move to deal with increased resin costs and the expense of a needed expansion in Lima last year, the company said.
Profile Solutions increasing its capacity
Jacksboro, Tenn. - Profile Solutions Inc. is expanding extrusion capacity and floor space at its Jacksboro operation.
The subsidiary of Crane Plastics Manufacturing Ltd. is adding two 55-millimeter twin-screw extrusion lines to support recent sales growth. Profile also is adding 4,000 square feet to its production plant, bringing the area to about 30,000 square feet.
The expansion should be completed by August, according to John Williams, operations director for Crane Plastics' Ohio and Tennessee plants.
Profile makes custom PVC profiles for the building products market. The Jacksboro plant employs about 35.
Crane Plastics' plants in Jacksboro and Columbus employ about 300 and generate annual sales of about $40 million. Other subsidiaries of Crane Plastics Holding Co. of Columbus are vinyl siding firm Crane Performance Siding; composite piling producer Crane Materials International; composite decking producer TimberTech; vinyl fence, railing and post manufacturer Vinyl Visions; and tooling and equipment supplier CPC Tooling Technologies. Crane Plastics has been a Crane family-owned business since 1947.
IntraPac Group buys Corona Packaging
Richmond Hill, Ontario - Blow molder IntraPac Group, with head offices in Richmond Hill, is adding to its packaging cache with the acquisition of blow molder Corona Packaging Inc. of Toronto.
The purchase gives IntraPac Group one additional facility in Toronto. Corona specializes in small plastic bottles for the hospitality amenities industry, officials said.
``This acquisition aligns well with our strategy of building leadership positions in niche markets and continuing to enhance our product offering and diversity,'' IntraPac President Gary Ullman said in a June 1 news release.
Keith Ratcliff operates Corona Packaging and will continue in that role, Ullman said.
IntraPac formed from the spinoff of four former CCL Industries Inc. businesses in 2003. IntraPac LP acquired CCL's aluminum tube plant in Harrisonburg, Va.; its laminate tube facility in Swedesboro, N.J.; an injection molding plant in Plattsburgh, N.Y., and a container plant in San Jose, Costa Rica.
IntraPac specializes in pharmaceutical, personal-care, industrial, and food and beverage packaging. It employs 1,000.