SARASOTA, FLA. Sarasota-based International Consolidated Cos. plans to acquire the assets of Source Bio Plastics Inc. in Massena, N.Y.
According to a news release announcing the Aug. 25 deal, INCC will produce soy- and wood-based resin products containing nanoparticles. Products will include CD and DVD cases.
Terms of the deal will be announced following completion of due diligence, an audit and execution of a definitive acquisition agreement, INCC said.
INCC, formerly Sign Media Systems Inc., is an $11.5 million outdoor billboard company with a 57 percent interest in China Gene Ltd., a $13.1 million health products company with biotechnology research and drug manufacturing divisions.
Bethesda, Md.-based Source Bio Plastics acquired injection molder Michelex Plastics of Massena in March, gaining inroads to the packaging market for the optical-disc industry.
Magnum plans Quebec compounding site
FORT LAUDERDALE, FLA. A new compounding facility for rubber and thermoplastics is slated for Magog, Quebec.
Magnum D'Or Resources Inc. is establishing a rubber recycling facility in Magog that will convert vehicle tires to ultrafine rubber particles by mid-2009, according to Magnum Chief Executive Officer Joseph Glusic. Particle sizes will be about 300 mesh, similar in size to particles of photocopier toner powder.
Magnum then plans to set up a compounding facility adjacent to the rubber plant to mix rubber powder with thermoplastics and create elastomeric alloys similar to thermoplastic elastomers. Polypropylene is one possible thermoplastic for the application, but others could be suitable as well, Glusic said.
Magnum of Fort Lauderdale recently moved into a 98,000-square-foot building in Magog's technology center to house its programs.
Glusic said his firm will focus on customized compounds.
Insolvent Scheer continuing business
STUTTGART, GERMANY German equipment maker C.F. Scheer & CIE GmbH + Co. KG continues to operate after filing for insolvency July 29, and the company will focus on pelletizing equipment for plastics during its reorganization.
The Stuttgart-based company announced the news Aug. 22.
During insolvency proceedings in a district court in Stuttgart, Scheer will split off its woodworking machinery division, which includes cutting and trimming machinery and large panel saws.
``Scheer Group intends to concentrate and focus its activities mainly on the pelletizing equipment division,'' the company said.
Managing Director Roland HÃ¶hn said the company was forced to start insolvency proceedings because of ``bottlenecks'' in financing some major customer orders. Scheer officials had made initial contacts with potential investors, even before filing for insolvency.
HÃ¶hn said the court proceedings do not affect Scheer Bay Co., a 10-year-old joint venture company between C.F. Scheer and Bay Plastics Machinery Corp. Scheer Bay of Bay City, Mich., produces its own pelletizers and related products, a spokesman said. The insolvency action also does not affect Scheer's subsidiary in Shanghai.
Custom molder Utility gets new owner
ST. FRANCIS, WIS. Utility Tool & Machine Co. Inc. plans to grow under new ownership.
The St. Francis company was bought Aug. 15 by recently formed Teneo Group of Hartland, Wis. Terms of the deal were not disclosed.
Utility is a custom injection molder that also operates an extensive tool shop and does machining. It employs about 20 and plans to add more workers as the firm expands.
``We're looking for new business,'' said Todd Jernberg, Utility senior vice president, in a recent telephone interview. The new owner will help that process through its extensive network of contacts in Wisconsin manufacturing, he added.
Teneo is the financial arm of OEM Advantage LLC, a Hartland group of investors.
Utility, which is being renamed Pinnacle Tool & Manufacturing LLC, plans to get ISO registration and implement lean manufacturing, according to Gary Zingler, Teneo senior vice president of administration.