Rexam closing injection molding plant
PITTSBURGH - Rexam Home & Personal Care of Pittsburgh will begin shutting down its Streetsboro, Ohio, operation in December, putting 46 people out of work.
The plant will start to close Dec. 21, the firm told the state of Ohio under the Worker Adjustment and Retraining Notification Act. Employees will be laid off during a two-week period.
The Streetsboro plant does injection molding and has only one customer, Playtex Products Inc., which has given notice it will close its Streetsboro facility, said Rexam spokesman Greg Brooke in a telephone interview. All Rexam employees will get a severance package and outplacement assistance.
Playtex makes Diaper Genie refills in Streetsboro and will shift production to its Sidney, Ohio, plant, said Jacqueline Burwitz, vice president of investor relations for Energizer Holdings Inc., which recently bought out Westport, Conn.-based Playtex. By the end of March, the shutdown will be complete, affecting 26 workers, she said in an interview from Energizer's head office in St. Louis.
Among the Rexam workers to be laid off are eight material handlers, 24 machine operators and seven quality inspectors. No union represents the workers.
Bayer shuts MDI site, cutting 230 jobs
PITTSBURGH - Pittsburgh-based Bayer MaterialScience LLC has closed its methylene diphenyl diisocyanate facility at the company's plant in New Martinsville, W.Va.
Bayer officials had announced a year ago the plant would close, but actually shut down the facility earlier this month. About 230 jobs were lost.
Bayer is consolidating its MDI capacity into its plant in Baytown, Texas.
``Although approximately 230 positions were affected by the MDI closure, no salaried or hourly personnel were laid off because of various pension enhancement and voluntary separation programs we were able to offer,'' said Jim Covington, general manager of Bayer's New Martinsville plant, in a news release.
Some of the vacated land and equipment will be used to build a biodiesel facility to be operated by River Valley Bio-Refinery LLC.
Bayer MaterialScience is investing $23.5 million in the New Martinsville plant's infrastructure ``to support its success as a specialties site and industrial park for third-party investment,'' the release said.
Share price amended in Husky purchase
BOLTON, ONTARIO - Husky Injection Molding Systems Ltd. majority owner Robert Schad has agreed to accept less per share than unrelated shareholders in a takeover bid by Onex Corp. of Toronto.
Schad, his wife Elizabeth and their holding company will accept C$8.10 (US$8.34) per common share, while other shareholders will get C$8.235 (US$8.48) per share in a revised takeover bid. The new split price will total about C$960 million (US$988.8 million), or about the same as the total for the original offer made Sept. 28, under which all shareholders were slated to receive C$8.18 (US$8.43) per share.
The Schads told Husky's board they agreed to the lower price so public shareholders could get a price closer to Robert Schad's target price for the company.
The Schads own or control a 44.08 percent voting stake in Bolton-based Husky and have agreed to the sale, for which approval will be sought by about mid-December.
One shareholder has stated publicly that it prefers Husky to remain a public company, or at least to hold out for about C$10 (US$10.30) per share in any takeover bid. Natcan Investment Management Inc. of Montreal feels the revised offer is too low for shareholders, according to a report in Toronto's The Globe and Mail. Natcan holds about 5 percent of Husky shares.
Auction set for PLA bottle maker Biota
TELLURIDE, COLO. - Biota Brands of America Inc. is noting its impending demise on its Web site, saying its assets will be sold at public auction.
The company is known for its water bottles made of corn-based polylactic acid. Its name is short for ``Blame it on the altitude.''
Biota filed for Chapter 11 protection in April. Creditor UPS Capital ended up purchasing the assets, but Telluride-based Biota had 75 days to redeem its company under Colorado law. In a news release, Biota said it had until Oct. 22 to buy back the land and building, but was unable to come up with the necessary capital.
GoIndustry.com is planning a live Webcast auction Oct. 30 of the complete water-bottling facility and real estate.