IAC plans Indian plants, gets tax credit
NEW YORK - International Automotive Components Group will open plants in India to meet new contracts, while its North American unit has received a tax credit to help it retain and add employees at its Fremont, Ohio, injection molding facility during the next eight years.
The plants will support its contract to supply instrument panels for future vehicles made in India. IAC said Dec. 6 it will build parts for trucks and utility vehicles to be made by Mahindra & Mahindra Ltd. of Mumbai, India. IAC does not have production in India now, but the new business ``positions IAC for strong growth in the region,'' said Chairman Wilbur Ross in a news release. Ross is based in New York.
IAC North America President and Chief Executive Officer Jim Kamsickas also will oversee operations in India. The firm will begin exploring potential greenfield sites in India that could also supply other automakers eventually.
IAC North America received a tax credit worth about $445,000. The firm, based in Dearborn, Mich., was created through the purchase of Lear Corp.'s interiors business and facilities from other suppliers, including the defunct Collins & Aikman Corp. The company has been seeking tax credits to help determine how it will consolidate those operations.
With the 65 percent Ohio tax credit, IAC said it expects to create 150 jobs and retain 300 jobs at Fremont within three years.
NatureWorks to sell PLA preform maker
CLARINDA, IOWA - Naturally Iowa Inc.'s slogan, ``We milk the cows and grow the bottles,'' is getting more meaningful, as the dairy firm pushes plans to make polylactic acid containers.
The Clarinda company said Nov. 27 it is in the final stages of acquiring PLA Supply Co., which will injection mold PLA preforms at a plant in Waverly, Neb. Naturally Iowa will buy PLA Supply from NatureWorks LLC, a Minnetonka, Minn.-based PLA resin supplier.
``As consumer demand increases for environmentally friendly, sustainable packaging in the dairy industry, Naturally Iowa will be uniquely well-positioned to benefit from that trend,'' William Horner, president and chief executive officer of Naturally Iowa, said in a news release.
Naturally Iowa operates a 28,000-square-foot dairy processing plant in Clarinda. The company was the first to use NatureWorks PLA in dairy bottles, and has supplied organic milk in PLA bottles to stores since October 2005.
Husky shareholders almost unanimous
TORONTO - Shareholders of Husky Injection Molding Systems Ltd. made it official Dec. 6, overwhelmingly approving the sale of the Bolton, Ontario-based machinery maker to Onex Corp., a major Canadian private equity company.
Onex officials have said they plan to take Husky private. The maker of injection molding machines, robots and hot runners has been traded on the Toronto Stock Exchanges since it went public in 1998.
Approval of the sale was a foregone conclusion, since it had the blessing of Husky founder Robert Schad and his wife, Elizabeth, who own or control 44.08 percent of the shares. But Husky said the vote was nearly unanimous - the deal was approved by 99.9 percent of the voting shareholders.
Toronto-based Onex will pay C$8.10 (US$8.34) per common share held by the Schads. Other shareholders will get C$8.235 (US$8.48). The sale is subject to final approval by the Ontario Superior Court of Justice in Toronto, which is expected Dec. 10. After that, the deal should close Dec. 13.
Husky generated sales of $1.1 billion and turned a profit of $41.7 million for its fiscal 2007, which ended July 31.
T&B may shift some Lamson employees
BEACHWOOD, OHIO - Lamson & Sessions Co. owner Thomas & Betts Corp. will integrate Lamson's Carlon telecom infrastructure unit into T&B's electrical products group, and may move about 25 jobs from Ohio to its Memphis, Tenn., headquarters.
T&B's acquisition of Beachwood-based Lamson closed Nov. 5. The electrical products giant hopes to disclose plans for Lamson's PVC pipe business in its fourth-quarter financial report in February, said Tricia Bergeron, vice president of investor and corporate relations, in a Dec. 7 telephone interview.
The pipe unit and Lamson's retail business, Lamson Home Products, will remain in Beachwood, Bergeron said.