Vinyl Institute names Bocchi president
ARLINGTON, VA. - The Vinyl Institute has hired Gregory J. Bocchi as president.
Bocchi formerly was chief staff executive at the Powder Coating Institute. He will join the Arlington-based Vinyl Institute - which represents manufacturers of vinyl, vinyl chloride monomer, vinyl additives and modifiers and vinyl packaging materials - on May 1.
Bocchi's responsibilities will include developing and implementing an overall strategic plan, leading a marketing and promotional campaign and integrating the institute's agenda with relevant vinyl industry organizations, according to a Feb. 29 news release.
Prior to joining the Powder Coating Institute, Bocchi was with Association Management Inc. in Washington, where he held executive management positions with the Conveyor Equipment Manufacturers Association, the National Corrugated Steel Pipe Association and the Scale Manufacturers Association.
He holds a bachelor's degree in business administration from Washington State University and is a member of the American Society of Association Executives.
``I'm pleased to join the Vinyl Institute at time when energy efficiency has become a very important issue,'' Bocchi said in the release. ``Vinyl building products are durable, highly energy-efficient and will play a significant role in a more resource-conscious future.''
PET maker Wellman declares Chapter 11
FORT MILL, S.C. - PET resin and fiber producer Wellman Inc. filed Feb. 22 for Chapter 11 protection from creditors in U.S. Bankruptcy Court in New York.
In a news release, the firm said it ``intends to work with its constituencies to maximize the value generation for all of its stakeholders.''
Thomas Duff, Wellman's chairman and chief executive officer, said in the release: ``Although the company has taken numerous steps to reduce its debt and strengthen its balance sheet through the disposition of certain businesses, headcount reductions and other cost reductions, these actions were not sufficient to offset the deterioration in business conditions and the cost of our substantial debt obligations.
``Filing for Chapter 11 allows us to continue operating our business without interruption while continuing to pursue our previously announced strategic alternative process.''
The company has arranged for $225 million in debtor-in-possession financing.
On Oct. 30, the Fort Mill-based company had announced it was exploring alternatives, including a possible sale, after the firm recorded another quarterly loss. At the time, the company hired Lazard Freres & Co. LLC to help it evaluate its options. Wellman said it hoped to conclude the evaluation before it refinances debt this year.
Reliable Toy auctioning off equipment
TORONTO - A Canadian toy production icon is selling equipment under pressure from competing imports.
Reliable Toy Corp. of Toronto has been a long-standing blow and injection molder of toys.
``Manufacturing in Canada is just not competitive anymore and demand for our line has shifted to the imports,'' said President Todd Bruhm in an e-mail.
Equipment for sale includes manufacturing machinery and more than 1,000 molds to produce beach toys, sporting goods, musical and ride-on toys and other items. The equipment will be auctioned April 16 in Toronto by Corporate Assets Inc.
Bruhm declined to provide details of Reliable's future product plans.
In addition, equipment from an affiliated company, Viceroy Rubber and Plastics Ltd., also of Toronto, will be auctioned. For sale is Viceroy's crate division, with molds to make products for beverage handling and agriculture and tote bins. Many of the molds are outdated for Canada's markets, but they would be ``very viable for foreign markets and would be extremely expensive to replace,'' according to Bruhm.
Viceroy's rubber mixing division also will be auctioned. The firm will continue to make its well-known hockey pucks and molded-rubber vibration pads.