Auto supplier Core expanding in Mexico
COLUMBUS, OHIO — Core Molding Technologies Inc. is spending $20.2 million on a new molding plant in Matamoros, Mexico, that will allow it to begin compression molding in the region.
The Columbus-based company now leases space for its existing Matamoros operation, where it has resin transfer and open molding. The new, 400,000-square-foot plant, on a 22-acre site, also will have compression molding capacity, company officials said in a July 1 news release.
Core plans to move some product lines from Columbus, work that involves 75 jobs there. But officials said the shift may not mean 75 lost positions in Ohio, because Core expects to bring new work to the site.
``By expanding our capabilities in Matamoros and freeing up capacity in our Columbus facility, we gain the flexibility to take on new business, as we had little room for growth in either facility,'' said Kevin Barnett, president and chief executive officer.
Core makes composite parts for the commercial truck and auto industries.
Romi shareholders OK Sandretto deal
Santa Barbara d'Oeste, BRAZIL Shareholders of Brazilian equipment maker Indústrias Romi SA voted June 30 to approve the firm's acquisition of Sandretto Industrie srl, a Turin, Italy-based injection press maker that has been under Italian government control for the past two years.
Romi will pay 5.5 million euros ($8.7 million) and invest another 8 million euros ($12.6 million) during the next two years. It also will pay 2.4 million euros ($3.8 million) for materials currently in use. The deal is expected to close in mid-July.
Romi shareholders rejected an initial deal to buy Sandretto because of a disagreement over pay levels to Sandretto workers. That problem has been resolved. In a statement, Romi of Santa Barbara d'Oeste said it will hire all of Sandretto's 286 employees.
Sandretto's government-appointed commissar, Piercarlo Castagnetti, is satisfied with the outcome, he said by telephone. He also said a European Commission investigation begun earlier this year into possible improper use by Italian authorities of a 5 million euro ($8 million) government aid guarantee to rescue Sandretto will exonerate the company.
Spectrum buys prototyper Protogenic
MINNEAPOLIS Spectrum Plastics Group has bought its second prototyping company, Protogenic Inc. of Westminster, Colo.
Protogenic brings two new technologies, PolyJet direct printing and laser sintering of nylon, that complement the stereolithography and computer numerically controlled machining of Spectrum's other prototyping firm, Dynacept of Brewser, N.Y.
Protogenic also provides a Western base for Spectrum's prototyping business, complementing Dynacept in the East.
Midwest Plastic Components changed its name to Spectrum on June1 to reflect its broader geographic reach, said marketing manager Jane Burbach. The firm now has five facilities, including custom injection molding plants in St. Louis Park, Minn.; Ansonia, Conn.; and Garden, Calif.
Protogenic co-founders Steve Stewart and Horst Lambrecht sold the business because Lambrecht wanted to retire. Stewart will remain to help with the transition.
Spectrum is based in Minneapolis where majority shareholder Spell Capital LLC has its headquarters.
Defunct flamingo maker Union liquidating
WORCESTER, MASS. Union Products Inc., former maker of the plastic pink flamingo, is filing a voluntary petition for Chapter 7 liquidation.
The company ceased operations in April 2007 but only recently filed for bankruptcy. According to the June 27 filing in U.S. Bankruptcy Court in Worcester, submitted by majority owner and President Dennis Plante, the company listed zero assets and total liabilities of $2.06 million. It has 36 unsecured creditors, including Flamingo designer and former Union Products President Don Featherstone and his wife Nancy. The couple is owed $340,819, the filing said. They declined to comment.
Last April, Union used a secured-party sale to sell most of its assets, including molds, software, orders and patents to Faster-Form Corp. of New Hartford, N.Y. It also sold its injection molding unit, HMC International LLC of Rome, N.Y. The price listed in court documents was $263,748, with a condition that the buyer pay $50,211 to Massachusetts Business Development Corp.