Ball closing Ontario blow molding site
BROOMFIELD, COLO. — Ball Corp. will shut its Brampton, Ontario, blow molding facility by the end of the third quarter.
The Broomfield company has decided to close the site because it is much smaller than other facilities, which can take over its production more efficiently, said Ball spokesman Scott McCarthy in a telephone interview. Brampton blow molds polypropylene containers for food.
Ball acquired the plant in 2006 when it bought certain plastic bottle assets from Alcan Packaging. The operation employs about 90. It has been running since 1985.
Among the Ball facilities that will take over Brampton's production are operations in Baldwinsville, N.Y.; Bellevue, Ohio; and Watertown, Wis.
Ball expects the closure to save it about $4 million per year in fixed costs beginning in 2009. The firm will take a total after-tax charge of about $5 million in the second quarter and second half of this year.
Chemtura opts to stay stand-alone firm
MIDDLEBURY, CONN. — After thoroughly exploring a potential sale, merger or other business combination involving the entire company, Chemtura Corp. has decided to stay as one firm.
``Shareholders' interests will be best served by continuing to operate as a stand-alone company and focusing on its own growth and efficiency initiatives,'' Middlebury-based Chemtura said in a June 26 news release.
The announcement follows a previous statement from the company Dec. 18 that a special committee of its board of directors and its financial adviser, Merrill Lynch & Co. Inc., would explore a range of strategic alternatives.
Recent press reports had linked Chemtura, a urethane prepolymer and additives supplier, to talks with major private equity firms for a takeover.
Chemtura said it has instructed management, the special committee and Merrill Lynch to continue considering other strategic options for the company, including select business divestitures, value-creating acquisitions, joint ventures and changes in capital structure.
``While the company's evaluation of strategic alternatives continues, there can be no assurance that this process will result in any specific transaction,'' the company added.
Progressive Systems relocates HQ plant
MINNEAPOLIS — Machinery manufacturer Progressive Systems Inc. is in the midst of relocating its headquarters from Minneapolis to nearby suburb Anoka, Minn.
More room, greater expansion potential and internal efficiencies were cited as some of the reasons for the move in a June 26 telephone interview with Vice President Jerry Joseph.
Progressive makes cutting machinery for several industries and end markets, including various plastics and polymer-based foam products.
The computer-controlled machines — for sale worldwide — are often sold for upward of $1 million, he said.
The 21-year-old company, which employs about 100, also operates a plant in Spring Park, Minn.
In addition to plastics and foam panels, Progressive also makes machines for the kitchen cabinet, window and door industry, he said.
Ohio's Norandex buys Area Vinyl of La.
MACEDONIA, OHIO — Norandex Building Materials Distribution said it has acquired Area Vinyl Siding Distributors LLC, a supplier of vinyl siding and accessories.
Macedonia-based Norandex said the acquisition will strengthen its position in southeast Louisiana, which the company has identified as a key growth area for building materials distribution.
Area Vinyl's two locations in Walker and Gonzalez, La., will operate under the Norandex name. Area Vinyl's president and owner, C.J. Serpas, will become Norandex district manager and remain in charge of both locations, as well as Norandex's existing New Orleans branch. All Area Vinyl employees will be retained, according to Norandex, which would not disclose the number of employees.
Terms of the acquisition also were not disclosed.
