Immigration arrests 36 Janco workers
MISHAWAKA, IND. - U.S. Immigration and Customs Enforcement special agents arrested 36 alleged illegal aliens working at fiberglass product manufacturer Janco Composites Inc. on March 6 in Mishawaka.
According to a news release from the agency, the workers were arrested when agents executed a criminal search warrant. Sixteen male and 20 female workers are in custody and face deportation proceedings. Fifteen workers arrested were listed as Mexican nationals; the other is from El Salvador, officials said.
The investigation started in late 2006, when several sources reported a large number of illegal aliens were employed at the Mishawaka-based firm, officials said.
Janco officials did not return a call asking for comment.
Myers acquires Schoeller Arca assets
AKRON, OHIO - Myers Industries Inc. is beefing up its materials-handling products business with the acquisition of assets from Schoeller Arca Systems Inc.
Myers is buying injection molding machines, molds and inventory related to the Xytec and Combo product lines of collapsible, reusable bulk containers for manufacturing, food, liquid transport and other applications. Akron-based Myers did not disclose terms of the deal, finalized March 8.
``We are gaining strategic products and markets that are highly complementary to our Buckhorn business,'' said John Orr, Myers president and chief executive officer, in a news release.
The acquired assets represented sales of about $50 million last year. Myers will move the machinery and molds to its own plants from the Schoeller Arca plant in Detroit.
Myers' sales from materials-handling containers reached $240.1 million last year, up 15 percent from 2005, the public company stated in recent financial results. The business is based on Myers' Buckhorn brand name.
The acquisition focuses on Xytec and Combo sales in North America. The Detroit operation is a subsidiary of Schoeller Arca Systems NV of Vilsterseweg, Netherlands. Myers sold its European materials-handling products business early this year to Linpac Materials Handling of Georgetown, Ky.
Management, investors buy Key Safety
STERLING HEIGHTS, MICH. - Private equity group Crestview Partners LP and Key Safety Systems Inc.'s management team have purchased Key Safety Systems, the $1 billion maker of air bags, seat belts and steering wheels.
The company's operations include plastic molding of many of its components. The former Breed Technologies Inc. was purchased out of bankruptcy in 2003 by Ewing Management Group, another private financial group that also owns Key Plastics LLC. The purchase does not affect Key Plastics.
The deal, for an undisclosed amount, also brings in Nick Scheele, former president and chief operating officer of Ford Motor Co., as Key Safety System's chairman.
Key Safety, based in Sterling Heights, has plants in 12 countries and more than half of its business is outside North America.
Crestview, a $1.5 billion firm created in 2004, expects continued growth for Key, said Managing Director Tom Murphy.
Failed deal leads to Pine River closing
ST. CLAIR, MICH. - Pine River Plastics Inc.'s hopes to emerge from bankruptcy with a new owner may have ended.
The company notified workers the deal to sell the St. Clair-based auto supplier to Whitebox Advisors LLC has fallen through. Doug Alexander, executive director of the Economic Development Alliance of St. Clair County, said the closure could begin next week. The company has 500 employees at two injection molding plants.
Pine River executives and lawyers did not return calls.
The family-owned company entered Chapter 11 protection with U.S. Bankruptcy Court in Detroit on Feb. 1, with the sale pending to Whitebox, a Minneapolis-based hedge fund.
Plants in St. Clair and Westminster, S.C., are expected to close this month, along with a small warehouse in St. Clair.
In the bankruptcy filing, Pine River executives said the firm launched more than 100 new tools in 2006, but the work came with ``significant learning curves'' that increased production costs. Pine River posted $65 million in sales for the year, but also had no earnings before interest, taxes, deductions and amortization.