Crown sheds last of plastics business
PHILADELPHIA - Crown Holdings Inc. of Philadelphia has divested its remaining North American plastics business to private equity group Teahouse Partners Ltd. of Shanghai.
The plastics unit, primarily an injection molder, operated under the Risdon name for designing and manufacturing cosmetics packaging. The unit is based out of Watertown, Conn., and will do business as Risdon International Inc., with plans for expansion into Europe and Asia.
``These plastics sales completed a process that we began a number of years ago,'' said John Conway, Crown's chairman and chief executive officer, during the firm's Feb. 1 conference call discussing fourth-quarter and full-year 2006 results.
``There were shortcomings that argued that Crown would be better served by focusing on metal packaging,'' he said.
Stephen Pearlman will remain its president. James Adams is vice president of operations; Faqueer Ahmad is its executive vice president of international. According to Crown Holdings, the unit had $90 million in sales in 2005.
Atlantis closing Ohio molding facility
ATLANTA - Atlantis Plastics Inc. has closed its Warren, Ohio, injection molding plant.
A spokeswoman said the shutdown was effective Jan. 29. Production in Warren has stopped and a skeleton crew is shipping final orders and removing molds.
Atlantis said 30 current employees are being affected by the closure. The Atlanta-based firm said it expects to lower annual operating expenses and improve production efficiency through the closure. The firm is moving work to other sites in its remaining five-plant injection molding division.
The company did not disclose why it closed the Warren site, rather than another facility. Before the plant closed, Atlantis had a total of about 200 injection presses with clamping forces up to 1,000 tons, according to its Web site.
Atlantis' molding business logged sales of $116.1 million for 2005, according to Plastics News' injection molders survey. Including films and extruded products, its sales that year totaled about $424.8 million.
Six-member panel to replace C&A's CEO
SOUTHFIELD, MICH. - The executive hired to lead Collins & Aikman Corp.'s transition out of Chapter 11 has moved out of the executive suite.
The auto supplier announced Jan. 31 that it accepted the resignation of Frank Macher as president and chief executive officer. In his place C&A will have a six-member ``Office of the Chairman'' to help Chairman Steve Cooper oversee its final days.
Macher, an auto industry veteran who last led Federal-Mogul Corp., was brought in to lead the Southfield-based interior parts supplier through its Chapter 11 bankruptcy process in 2005. Instead, the company struggled to find interested buyers and by the end of 2006 decided to sell off all of its holdings.
Collins & Aikman is in the process of seeking bidders for its $1.5 billion North American injection molding operation, and closing some of those sites that are unlikely to find a buyer.
Sealed Air eyes new locations abroad
SADDLE BROOK, N.J. - Flexible packaging firm Sealed Air Corp. of Saddle Brook is looking for new locations in Eastern Europe and Latin America.
The plans, to meet growing demand for food and protective packaging in developing markets, are similar to Sealed Air's expansion last year in China.
Officials discussed the move Jan. 31 during Sealed Air's conference call announcing fourth-quarter results.
``We are really encouraged by the foundation we built in 2006,'' President and Chief Executive Officer Bill Hickey said. ``We are increasing market focus to drive additional opportunities for growth and new product development.''
Hickey called Russia and China ``brick'' economies into which Sealed Air will invest. In Latin America, Sealed Air saw double-digit growth in 2006 as the economies there continued to expand and develop. Spokesman Eric Burrell said by telephone Jan. 31 that the company still is waiting to get specifics on precise locations.
Meanwhile, the facility in Shanghai will be ready to ship product this year.