Trimax Building Products Inc. has stopped commercial production and is liquidating its assets, according to officials with the Plastic Lumber Trade Association in Worthington, Minn.
Trimax is what remained of the failed U.S. Plastic Lumber Corp. USPL filed for Chapter 11 protection in July 2004. At the time, it listed $78.6 million in assets and $48 million in debt. The company bit off more than it could chew, sources said, citing USPL's acquisition of 16 firms in less than three years, including companies outside its core business of plastics recycling and lumber extrusion.
Brian Larson, president of the Plastic Lumber Trade Association and Worthington-based Bedford Technology LLC, said the downfall of Trimax should not reflect poorly on the industry.
``They were involved with structural and nonstructural products. Both [segments] still have great, growing marketplaces,'' he said in an April 13 phone interview.
Chicago-based Trimax extruded recycled high density polyethylene reinforced with fiberglass. Its products included structural lumber, deck and rail, marine products and playground equipment.