Constantia selling its Multifilm division
VIENNA, AUSTRIA - Packaging firm Constantia Packaging AG is seeking a buyer for its Constantia Multifilm division in Elgin, Ill.
Vienna-based Constantia Packaging makes flexible packaging, aluminum and corrugated board products. The firm intends to focus resources on its core business, according to Blaige & Co., the Chicago-based investment bank Constantia has hired to find a buyer.
Multifilm makes cast polypropylene twist film for the global confectionary market. It also has been focusing on growing its position in laminated barrier packaging for coffee and other food packaging.
Recently, Multifilm introduced a new barrier coating using a nano-based technology in which an ultrathin coating is applied to 48-gauge polyester film, creating a clear film with a gas barrier that competes with metalized structures.
In a news release, officials said they are targeting nut, coffee and dry-foods packaging, where a high gas barrier is important.
Molder Hedwin closing Indiana facility
LA PORTE, IND. - Industrial blow molder Hedwin Corp. of Baltimore is closing its facility in La Porte and consolidating production into its headquarters location.
Employees were notified July 27, said Tim Gropp, executive director of the Greater La Porte Economic Development Corp., in a July 30 telephone interview.
The site is scheduled to close by the end of September, according to Mike Seitz, president of the Greater La Porte Chamber of Commerce.
``They're going to offer for some employees to go to Baltimore,'' Seitz said. ``It was a business decision, nothing reflected on the local plant.''
Hedwin designs and makes containers, liner products for pails and drums, and custom plastic parts. President David Rubley did not return a call seeking comment. The La Porte location employs about 70.
GE Plastics name change official in fall
PITTSFIELD, MASS. - Sign painters will be busy later this year when GE Plastics officially changes its name to Sabic Innovative Plastics.
The change is expected sometime in September, officials said. Saudi Basic Industries Corp. (Sabic) reached a deal in May to acquire GE Plastics for $11.6 billion. Sabic is a petrochemicals firm majority-owned by the Saudi Arabian government.
Pittsfield-based GE Plastics - a unit of General Electric Co. of Fairfield, Conn. - posted sales of $6.7 billion and profit of $674 million in 2006. The firm employs 11,000 worldwide and ranks as a global leader in the production of polycarbonate, ABS and other engineering resins.
GE decided to sell the unit earlier this year, as higher feedstock costs began to affect its profitability. GE Plastics' 2006 profit was down 22 percent from the prior year.
Brian Gladden, an 18-year GE veteran who most recently was vice president and general manager of Lexan-brand PC, will serve as president and chief executive officer of Sabic Innovative Plastics. Current GE Plastics President and CEO Charlene Begley was named president and CEO of GE Enterprise Solutions.
Toyota supplier to build first U.S. plant
TOYOTA CITY, JAPAN - Toyota Motor Corp. has named the first supplier for its new assembly plant now under construction in Blue Springs, Miss. Toyota Auto Body Co. Ltd. will make both metal and plastic parts for the vehicles set to start running off the line in 2010.
TAB - controlled by Toyota City-based Toyota, which owns 56 percent of the business - has not picked a specific site yet for its new plant, only committing to place it in northern Mississippi, according to a news release from Mississippi Gov. Haley Barbour.
The firm is seeking a 50-acre site and expects to spend $180 million. The site eventually will employ 260, the state said in its July 26 news release.
The firms have not released details on exactly what parts TAB will produce for Toyota. TAB is based in Kariya City, Japan, and did more than $100 million in business last year. The new site will mark its first plant in North America. The company now operates in Japan, Indonesia, Thailand and Taiwan.