M2M closes one of its Ontario plants
WALLACEBURG, ONTARIO - Mold maker M2M International Ltd. has closed its Wallaceburg plant because of nonpayment by customers, owner Richard Myers said. But three other sister companies remain open and some are continuing to grow.
Myers said he could not discuss details at this time, but said the 28-year-old toolmaking shop was forced to closed because some of its customers have not paid their bills - two of them with accounts that are nine months past due, he said in a March 13 telephone interview.
Neither of those companies is in bankruptcy but are active auto suppliers, he said.
M2M makes injection mold tooling for global auto industry customers. The company reported 2006 sales of US$26.7 million in Plastics News' most recent ranking of mold makers.
Operations are continuing at 1 Source Plastics Ltd., an injection molding shop also in Wallaceburg that specializes in short-run products, and at M2M's MS-2 LLC mold-making subsidiary in Gadsden, Ala.
Business is expanding through Synergetic LLC, M2M's tooling engineering firm in Chennai, India, he said.
``We've had some great customers, and we've got some great employees,'' Myers said, citing M2M employees' efforts to secure a heart transplant for fellow worker Al MacCloud. ``How many places would do that?''
Arko seeks backer for Aero Housewares
TEL AVIV, ISRAEL - Arko Holdings Ltd., parent company of Leominster, Mass.-based Aero Housewares LLC, is looking for a new investor after its lender asked for repayment of a loan, according to reports from an Israeli financial newspaper.
The Globes newspaper in Tel Aviv also said Arko Holdings has warned about the uncertainty of Aero Housewares' future. According to the report, Plenus Venture Lending Fund of Herzeliya, Israel, has asked Arko to pay back a $4.1 million loan. Plenus had taken a 34 percent stake in Arko's subsidiary, Arko Capital Inc., which owns Aero.
Neither Plenus nor Aero responded to requests for comment.
Arko Holdings, a publicly traded company based in Tel Aviv, bought Aero Housewares and 130 production molds from Holiday Housewares LLC in early 2007 to form a beefed-up housewares outfit.
Aero has a manufacturing facility in McDonough, Ga.
Fenner buys wheel and pulley maker
MANHEIM, PA. - Fenner Precision has acquired Winfield Industries Inc., a manufacturer of cast polyurethane and silicone rollers for digital imaging, medical and diagnostic imaging applications.
Fenner Precision makes belts, rollers and pulleys for the paper propulsion industry. The Manheim-based company is a subsidiary of Fenner plc of Hessle, England.
The purchase March 3 will enhance Fenner's technology base, production capabilities, product offerings and industries served through Winfield's custom molded fabric technology, Fenner said.
Winfield's Buffalo, N.Y., facility will continue to operate at the current site, but under the Fenner Precision name.
Fenner also has sales and support offices in Shanghai and Lincoln, England.
More Lamson & Sessions jobs being cut
BEACHWOOD, OHIO - Thomas & Betts Corp.'s consolidation of its recently acquired Lamson & Sessions Co. operations in Beachwood will include more job cuts than previously announced.
Eileen Clancy, T&B vice president of human resources, said in a March 3 letter to the Ohio Bureau of Job and Family Services that the company will eliminate 49 jobs in Beachwood, leaving 95 workers there. The layoffs will take place between May 2 and June 30.
T&B had said in December that some of the Beachwood jobs would move to T&B headquarters in Memphis, Tenn.
Thomas & Betts continues to shop the Lamson & Sessions pipe business, which makes PVC and high density polyethylene conduit, duct and pressure pipe used in construction, industrial, municipal, utility and telecommunications markets.