A federal bankruptcy judge in Detroit has handed a setback to liquidating auto parts maker Mayco Plastics Inc.
On Jan. 11, the U.S. Bankruptcy Court denied confirmation of the Sterling Heights, Mich., company's plan, according to court documents. It's the second time since Mayco filed for Chapter 11 protection in September 2006 that Judge Phillip Shefferly has denied the plan.
Mayco, which after filing for bankruptcy was acquired by NJT Enterprises LLC for about $6 million, is involved in several lawsuits, including one against creditor TRW Automotive U.S. LLC. TRW is the sole objector to Mayco's plan.
Mayco and TRW officials were not available for comment.
At its height, Mayco had $104 million in sales. It also invested in technology and engineering and was a key player in a paint replacement program used on bumpers for some DaimlerChrysler Corp. Dodge Neon cars.
The process, which combined thermoforming and injection molding, along with an ionomer film to replace the paint, never won widespread approval. The firm also had suffered from a slowdown in production within the auto industry that came even as costs increased.
Plastisol Composites to open U.S. plant
GROTON, N.Y. - The U.S. subsidiary of a Dutch composite panel maker is investing $1.9 million to build a 17,250-square-foot plant in Groton.
The facility will be Wanroij, Netherlands-based Plastisol BV's first U.S. production plant. The company is getting more than $600,000 in grant money to build the plant.
Plastisol makes composite panels for fire trucks, police and other emergency service vehicles. Officials say the lighter material helps fight corrosion and offers more flexibility than steel.
Slated for an April or May opening, the new sheet molding and fabrication plant will employ about 35, according to Alan Saulsbury, president of Plastisol Composites LLC.
The currency exchange rate prompted the company to invest in the United States, he said in a Dec. 27 phone interview.
``The Euro has got a lot to do with this,'' he said.
Plastisol's main plant in Wanroij is about 100,000 square feet and employs about 150, Saulsbury said. The Groton plant is one of several the firm is building around the world, he said.
Standex buys Carolina Roll Engravers
SANDSTON, VA. - Standex Engraving Group, a maker of textured rolls, plates, mold texturing services and machinery for the embossing and engraving industry, has acquired Carolina Roll Engravers, which makes engraved rollers.
Standex Engraving is relocating all assets of Carolina Roll Engravers, including engraving machinery and its pattern tool library, to Standex's plant in Sandston.
Standex also will retain Carolina's founder, Dean Truax, as well as other employees. Financial terms were not disclosed.
Carolina serves various industries, including film, foil, nonwovens and vinyls. Its technical capabilities include sonic bonding rolls, matched steel embossing rolls and single embossing rolls for such uses as pattern embossing, coating and laminating.
Standex Engraving is a division of Standex International Corp.
Plastics Hall of Fame seeks nominations
LEOMINSTER, MASS. - The Plastics Academy is seeking nominations for the Plastics Hall of Fame, which is housed at the National Plastics Center in Leominster.
The nominations are for living individuals; separate ceremonies are held for posthumous inductees. Nominated individuals are industry professionals who have made outstanding contributions to the plastics industry during their careers.
The induction ceremony for new members will be held at NPE 2009, which runs June 22-26 in Chicago.
``Anyone can nominate an individual for induction into the Plastics Hall of Fame,'' said John Kretzschmar, chairman of the Plastics Academy, which administers the hall. ``Nominees come from countries and organizations all over the world.''
Plastics Academy officials will recommend up to 12 people for final consideration by all living members of the Plastics Hall of Fame, who then pick as many as nine people for induction into the new class, at NPE 2009.
Official nomination forms can be obtained online at www.plasticshalloffame.com.