Southern putting in new Shanghai site
SINGAPORE - Southern Packaging Group Ltd., which claims to be China's largest injection stretch blow molding firm, is building a facility in Shanghai and investing in additional capacity for flexible plastic packaging.
The Singapore firm said it has reached capacity at its sites in Foshan and expects the Shanghai plant to be operating this year.
The firm, which supplies packaging to both domestic and multinational firms, disclosed the investments in a late-February filing to the Singapore Stock Exchange.
Southern Packaging declined to give details, but reported that its sales increased 18 percent in 2007 to $68.3 million, driven by growth in China and exports to Europe. It said it sees strong opportunities to export packaging for so-called ``fast-moving consumer goods'' from China to Europe, the United States and other markets, because of centralized procurement strategies being adopted by multinational firms.
The company supplies bottles and flexible plastic packaging for firms including Wm. Wrigley Jr. Co., Unilever plc and Eastman Kodak Co., along with domestic Chinese companies.
The firm said in its financial filing that its profit went from $3.18 million in 2006 to $4.63 million the following year. Exports to Europe grew from $8.23 million in 2006 to $10.5 million in 2007.
PVAXX looking at IPO on London exchange
HAMILTON, BERMUDA - A Hamilton company, PVAXX Ltd., which has developed a plastics composite industrial shipping pallet, plans to launch an initial public offering on the London Stock Exchange.
Already listed on the Bermuda Stock Exchange, PVAXX, with operations in Britain and the Middle East, intends to raise up to US$100 million from the move. It said it will use the funds for working capital, to develop a plant in Sohar, Oman, and repay investors.
PVAXX uses a composite material called Siluma that combines polyethylene with silica. The firm believes its rotational molded pallets will compete with the growing number of plastic pallets.
To allow rapid expansion and commercialization of its technology, PVAXX said in July it had signed a manufacturing and distribution agreement for North America with RM Squared Ltd.
Shinchang building $11M Polish plant
ANSAN, SOUTH KOREA - Ansan electronics component manufacturer Shinchang Electrics Co. Ltd. is investing $11.2 million to build a new plastics parts molding plant in Gliwice, Poland.
Initially, the Polish facility will turn out automotive components, chiefly for plants in Slovakia and Czech Republic for South Korean car makers Hyundai Motor Co. and Kia Motors Corp.
Then the plant will begin making parts for electrical and home appliance customers, according to a Polish Information and Foreign Investment Agency news release.
Sinchang, whose other major customers include LG Electronics, GM Daewoo, Samsung Electronics and Motorola, will employ around 200 at the new facility.
Shinchang of Ansan - which makes auto parts such as switches for power windows, stop-lamps, door lamps and mirrors, as well as lock sets - already makes switches and locks at its Shinchang ZPZP plant in Marki, Poland. It also operates affiliated businesses in China, India, Taiwan and Australia, and a lock-housing manufacturing offshoot, Shinchang America Corp., in Plymouth, Mich. In South Korea, it has plants in Ansan and Cheonan.
Custom Poly adding printing press, staff
FORT WAYNE, IND. - Custom Poly Packaging is adding a six-color spot and process printing press at its Fort Wayne bag-making operation.
The new press will custom imprint polyethylene bags, yard signs and zipper bags at the firm's headquarters plant, according to a news release from the Fort Wayne-Allen County Economic Development Alliance. Custom Poly will invest about $223,800 in the project.
``This new equipment will allow us to increase our production and keep growing our employee base,'' said Custom Poly owner Michael Carpenter in a news release.
The firm also plans to add three workers to its staff of 12.
The Fort Wayne Common Council is considering tax abatement worth about $8,200 over five years on Custom Poly's investment.
Alcore Brigantine might expand site
ANGLET, FRANCE - Alcore Brigantine of Anglet just outfitted a workshop for processing nonmetallic honeycombs and may expand its facility.
The site primarily makes aluminum honeycomb for ready-to-bond parts for aircraft polymer-matrix-composite structures. The 4,300-square-foot workshop is in an existing facility. Employees are using the workshop to prepare and machine Nomex and Kevlar N636 aramid materials for aircraft uses, including high-strength, lightweight sandwich panels. The workshop houses the site's fourth five-axis machining center.
The plant occupies 81,000 square feet of space. Plans to add 21,600 square feet are in the design stage.