Blaze strikes Calif. optical-media firm
SANTA MONICA, CALIF. - A major fire June 18 destroyed the Santa Monica offices and manufacturing site of Imperial Media Services Inc., which describes itself as Southern California's largest duplicator of CDs and DVDs.
Ongoing flare-ups prevented entry to the facility and continued more than 28 hours after the blaze started, said Battalion Chief Carl Bjerke. The fire might have started in a warehouse area, he said. The Santa Monica Fire Department estimated the two-story building's footprint at 15,000 square feet.
While no damage estimate was available, Bjerke characterized the facility as containing ``million-dollar equipment for digital reproduction'' of music and computer games. Imperial owner Howard Ganz pioneered the design and building of digital duplication equipment that the company used in Santa Monica for short runs of optical media.
``The fire is under investigation,'' said Jim Glew, marshal with the city's Fire Prevention Bureau.
Holding firm acquires Ill. molder Duraco
CHICAGO - Injection molder Duraco Products Inc. of Streamwood, Ill., has a new owner: U.S. Composites & Plastic LLC, a Chicago-based holding company created for the acquisition by silent investors.
Duraco injection molds planters, bird feeders and other accessories marketed under the Garden Scene brand, according to Mesirow Financial Holdings Inc., the Chicago financial services group that represented Duraco in the sale.
Rocky Pontikes, a director in Mesirow's corporate investment banking group, said the silent investors already own another injection molding company, which he would not identify. The group plans to integrate that company with Duraco and U.S. Composites & Plastic.
``Duraco should serve as a platform to make additional strategic and synergistic acquisitions,'' he said in a June 19 telephone interview.
Duraco operates one plant in Streamwood, where it employs about 100. It had been an employee-owned company. An official there did not return a call seeking comment.
MDI's de Naray resigns, firm reorganizing
ST. PAUL, MINN. - Mark de Naray, chief executive officer of sheet extruder and container maker Minnesota Diversified Industries LLC, has resigned.
Tim Hoffman is interim president and CEO, and he is filling those roles without pay. Hoffman, a former executive with 3M Co., is MDI's chairman.
In a June 20 telephone interview, Hoffman said MDI has brought back some workers who had been laid off in recent months, and it has hired a management consulting firm, Manchester Cos. Inc. of Minneapolis.
``We've had great successes with our internal team,'' Hoffman said. ``We wanted to engage an external perspective. We engaged Manchester to assist us in positioning the corporation going forward.''
St. Paul-based MDI extrudes sheet in Grand Rapids, Minn., and fabricates totes in Hibbing, Minn. It primarily hires disabled workers and those from disadvantaged backgrounds, and its customers include the U.S. Postal Service.
The firm had been under scrutiny related to allegations of gambling outings and company-paid executive perks during a time when MDI was taking a major hit in terms of sales.
Spain's La Seda may buy 7 Amcor plants
MELBOURNE, AUSTRALIA - Australian packaging company Amcor Ltd. reportedly has found a buyer for seven of its European PET blow molding plants.
The Melbourne company announced plans in February to rationalize 38 plants in 15 European nations to focus production efforts on lower-cost locations in southern and eastern parts of the continent.
News reports have said Spanish chemicals group La Seda de Barcelona SA expects to finalize the purchase of seven Amcor plants by late September or early October. They quote a La Seda spokesman saying the company had not determined a purchase price yet.
The specific locations of the seven plans were not disclosed.