Mexichem acquires Amanco and Petco
MEXICO CITY - Mexican PVC and specialty chemicals maker Mexichem SA de CV will resume looking for companies to buy in the United States, after agreeing to buy two South American firms.
Mexichem agreed to buy Brazilian PVC pipe manufacturer Grupo Amanco of São Paulo in its entirety, and to take a controlling stake in PVC resin maker Petroquímica Colombiana SA (Petco) of Cartagena, Colombia.
``We were looking for additional acquisitions in the U.S. when these two opportunities came up,'' said Enrique Ortega, publicly owned Mexichem's director of investor relations.
Previously known as Grupo Industrial Camesa SA de CV, Mexichem bought Bayshore Vinyl Compounds Inc. of Tennent, N.J., for $16 million in 2006. The Bayshore deal was Mexichem's first outside Mexico, and the company promptly hired an investment banker to seek out additional opportunities in the United States.
Mexico City-based Mexichem announced the Amanco and Petco deals Feb. 22, and expects to complete them in a few weeks.
Amanco is one of the leading producers of PVC pipes in South America and has 19 plants in 14 Latin American countries.
Petco has several facilities in Colombia and its current capacity is 860 million pounds per year. It exports 60 percent of its production.
Ortega said Mexichem will pay $500 million for Amanco and $250 million for Petco, including acquired debt in both cases.
Plastics magazine ceases publication
LOS ANGELES - Canon Communications LLC has stopped publishing Plastics Machinery & Auxiliaries Magazine, a bimonthly new-products tabloid.
Charles McCurdy, chairman and chief executive officer of Los Angeles-based Canon, said in a Feb. 23 memo that PM&A will cease publishing as a printed magazine. Some of its editorial content will be included in the product sections of two other Canon-owned trade publications, Injection Molding Magazine and Modern Plastics Worldwide, he said. PM&A had a circulation of 30,000.
The PM&A brand name will continue, with a Web site, custom digital products and its Supplier Profile issue.
Los Angeles-based Canon is laying off PM&A's editor, Merle Snyder, and managing editor Heidi Hill. Snyder, who has been in plastics trade journalism since 1981, said his last day is March 9.
Bedford president buys out rest of firm
WORTHINGTON, MINN. - The majority owner of plastic lumber producer Bedford Technology Inc. has bought out his minority partners for undisclosed terms.
Bedford President Brian Larsen said he plans no changes to the Worthington-based firm as a result of his acquiring full ownership. The three former minority owners continue to work for Bedford, he said in a Feb. 28 telephone interview.
RSM EquiCo Capital Markets of Costa Mesa, Calif., acted as adviser for the transaction, which was completed Dec. 31.
MonoSol gets new controlling investor
MERRILLVILLE, IND. - Private equity firm Catterton Partners of Greenwich, Conn., is taking a controlling interest in MonoSol LLC, a manufacturer of water-soluable plastic products.
The companies made the announcement Feb. 28, saying existing ownership and management will remain in place. Terms were not disclosed.
P. Scott Bening, president and chief executive officer of Merrillville-based MonoSol, said in a news release the new investor will help MonoSol develop original consumer products.
MonoSol offers water-soluble, dissolvable and flushable films used for single-dose packages for liquid and powder laundry and dishwasher detergents, as well as all-purpose cleaners and disinfectants. It also has proprietary technology in various high-end fabrication and biodegradable products. The company said end uses for MonoSol products are growing at more than 50 percent annually.
``This gives us new blood and more excitement,' said David DeVoll, assistant director of global sales for MonoSol, in a telephone interview.
Catterton, which has $2 billion under management, focuses on the middle-market consumer sector. It has made more than 60 investments since 1990.