Excel moving, adding equipment, staff
HATTIESBURG, MISS. - Custom molder Excel Injection Molding Inc. was getting ready to expand its Hattiesburg headquarters plant when news broke that Dickten Masch Plastics LLC was going to close its facility in the same industrial park.
The timing was good for Excel to change its plans, said co-owner Jennifer Robinson, and by the end of May, it will be in DM's former site. Excel will add 10-15 people to its staff of 40.
The firm closed on its purchase in mid-March, Robinson said in a March 29 telephone interview. Excel also bought four presses from Nashotah, Wis.-based Dickten Masch, bringing its fleet to 21 presses, with clamping forces of 30-725 tons.
The new site is about double Excel's current building, with 42,000 square feet of manufacturing space and an additional 3,000 square feet of office space, Robinson said. The building also has infrastructure already in place for injection molding.
Nifco to open Kentucky fastener plant
YOKOHAMA, JAPAN - Japanese automotive supplier Nifco Inc. will launch a plant in Shelbyville, Ky., to injection mold fasteners for automakers and their suppliers.
The $14.9 million, 43,000-square-foot facility will mark the third in the U.S. for Yokohama-based Nifco. The site will employ 150 by 2011, the company said in a March 14 news release.
Nifco executives noted they need the site to meet Japanese carmakers' increased production in North America. The firm also has plants in Canal Winchester, Ohio, and La Vergne, Tenn.
Kenichi Sakurai, managing director, said in a news release from the Kentucky Cabinet for Economic Development that the firm will install all new presses at the site, though he did not specify how many. The site is expected to open within a year.
Kentucky is providing $3 million in tax incentives.
Execs indicted, but C&A avoids charges
SOUTHFIELD, MICH. - Auto supplier Collins & Aikman Corp. has reached a settlement with the U.S. Attorney's office and the Securities and Exchange Commission that will allow it to escape punishment even as its former chairman and other executives face fraud charges.
The Southfield injection molder and auto interiors maker signed a nonprosecution agreement with the U.S. Attorney in New York that removes the threat of an indictment related to actions between December 2001 and May 2005, according to a March 26 news release. ``Without admitting or denying any wrongdoing,'' the company also reached a settlement with the SEC that removes it from any future actions involving securities laws. The SEC did not impose any monetary penalties.
Former Chairman and Chief Executive Officer David Stockman, however, faces a variety of charges from the two agencies, focusing on what federal officials referred to as a ``scheme to conceal from investors and lenders the truth about C&A's declining operating performance and financial results.''
Also under indictment are former Chief Financial Officer J. Michael Stepp, former controller David R. Cosgrove and former purchasing director Paul C. Barnaba.
C&A entered Chapter 11 bankruptcy protection in May 2005, just days after Stockman stepped down from his post. The company currently is selling its assets and closing some plants.
Plascore, PureFlex get Mich. funding
LANSING, MICH. - Two plastics companies are receiving more than $4 million apiece from the state of Michigan to help with expansions.
Plascore Inc. will use $4.8 million from Michigan Economic Development Corp. to help build a 53,000-square-foot plant in Zeeland, Mich., to make thermoplastic cores and panels, the state said in a March 29 news release. The cores, made of polycarbonate or polypropylene, have a honeycomb structure and are used in a variety of industries. Plascore already has a plant and office in Zeeland and a site in Waldlaubersheim, Germany.
PureFlex Inc., a fluoropolymer fluid-handling and fluid-sealing company, will receive $4.4 million to expand its production of hoses, fittings and valves used in the pharmaceutical and chemical industries. The firm will buy and improve a 152,000-square-foot site in Kentwood, Mich. It will mark the second expansion for PureFlex, which moved into its current 65,000-square-foot site in Kentwood in 2000.