New site will double space for Midwest
BLOOMINGTON, ILL. - Midwest Molding Solutions Inc. is moving to a larger facility to accommodate growth. The Bloomington firm has bought a 10,000-square-foot building in Bloomington, about double the space it currently occupies. Owner and President Joe Diemer said he plans to move the company in about a month.
Midwest serves diverse markets, including agriculture, household products, promotional goods, automotive and materials handling. It employs about a dozen workers and expects to hire seven over the next year.
The company qualifies for a $100,000 loan under the McLean County Revolving Loan Fund. The company will use the funds to upgrade electrical utilities and renovate a former Humane Society building.
``We have the capability to double the space again,'' Diemer said in a telephone interview.
Diemer, who founded Midwest in 1999, said two of the firm's presses are recently purchased, used models that will be put in action in the renovated facility. Overall, its presses have clamping forces of 28-300 tons.
Hilco Trading acquires auction house
NORTHBROOK, ILL. - In a deal uniting two companies that auction plastics machinery, Northbrook-based Hilco Trading LLC has purchased Winternitz Inc. Terms were not disclosed.
Charles and Glenn Winternitz will become partners and assume managerial responsibilities for Hilco Online LLC, an Internet-based industrial asset auction platform, and Hilco Equipment Leasing Solutions LLC, which specializes in machinery and equipment sale and lease-back services.
Founded in 1894 and also headquartered in Northbrook, Winternitz was an industrial auctioneering pioneer in the United States.
``Charlie and Glenn, their team, and the Winternitz legacy, are all greatly respected,'' said Jeffrey Hecktman, Hilco's chairman and chief executive officer, in a Jan. 22 news release. ``I am confident they will add great value to Hilco as we expand our industrial disposition, equipment leasing and appraisal businesses.''
Hilco Online was established in 2003 to conduct Internet-based, eBay-style auctions and online catalog-style sales of industrial machinery and equipment. Hilco Leasing Solutions was founded in 2007 to handle sales and lease-backs for companies needing immediate short-term liquidity to fund expansion or restructuring.
Victor Plastics draws potential buyers
NORTH LIBERTY, IOWA - Several potential buyers will tour Victor Plastics Inc., the North Liberty-based injection molder that filed for bankruptcy Jan. 15.
``There's interest from legitimate buyers who are looking at the entire company,'' said Dobson West, chief operating officer of Spell Capital LLC, the Minneapolis-based private equity firm that owns Victor.
Neither West nor Victor Plastics President Mike Tryon shared information about the potential buyers. More than 100 companies have expressed interest in the entire company or in individual plants or pieces of machinery, according to David Mack, an investment banker working with Morris-Anderson & Associates Ltd., the Chicago firm that's handling Victor Plastics' liquidation or sale.
In a Jan. 25 phone interview, Mack said the firm hopes to identify serious buyers in three to four weeks. One potential buyer was visiting one of Victor's Iowa sites Jan. 25, and another was expected to do so Jan. 28.
``We're getting a lot of positive interest,'' he said. ``There are quite a few people who want to see [Victor Plastics] continue to operate.''
Victor employs 420 at plants in North Liberty and Victor, Iowa; and Flora, Miss.
Corrections noted on PN pricing chart
AKRON, OHIO - Plastics News is correcting prices for suspension PVC and for amorphous and crystalline PET on this week's resin pricing chart.
The changes reflect upward pricing pressure caused by higher prices for feedstocks such as ethylene, chlorine, paraxylene and purified terephthalic acid.