Pactiv buys thermoforming plant
LAKE FOREST, ILL. Pactiv Corp. of Lake Forest has expanded its thermoforming business by acquiring the plastics division of New WinCup Holdings Inc. for undisclosed terms.
The plastics division runs a thermoforming plant in Mooresville, N.C., which generated an estimated $75 million in sales last year. The operation makes thermoformed polypropylene drink cups and related products. It specializes in deep-draw cups, a high-growth market partly due to material-substitution trends, according to Chicago investment firm Houlihan, Lokey, Howard & Zukin Inc., which advised New WinCup in the deal.
The transaction is an excellent fit with our markets and customers, Pactiv spokeswoman Lisa Foss said in a news release.
Pactiv now runs 23 thermoforming plants in North America and had thermoforming sales of $2 billion last year, making it the largest player in North America.
New WinCup of Stone Mountain, Ga., was formed by Tennenbaum Capital Partners LLC of Santa Monica, Calif., to hold businesses bought from bankrupt Radnor Holdings Corp. Pactiv added the acquired thermoforming operation to its Prairie Packaging business, which it acquired for $1 billion in 2007.
City needs study to pursue bag ban
MANHATTAN BEACH, CALIF. The Save the Plastic Bag Coalition won a round in court Feb. 20, but it may need more muscle to scuttle a proposed bag ban in Manhattan Beach.
Judge David Yaffe ruled that the city needs to conduct an environmental impact report to resolve questions about more paper bags resulting from a ban on plastic sacks.
This was a test case applicable to all cities and counties in California, said Stephen Joseph, the coalition's lawyer. Currently, two California municipalities, San Francisco and Malibu, ban plastic carryout bags.
In a unanimous vote in July, the Manhattan Beach City Council approved a ban on plastic bags for certain retail stores and restaurants. In August, the plastics industry coalition filed suit in the Superior Court of California for Los Angeles County and in January won a preliminary injunction to keep Manhattan Beach from implementing the ban.
Now, Manhattan Beach officials need to decide whether to appeal the judge's decision and consider the implications for businesses that were preparing to observe the ban beginning Feb. 28. City leaders may opt to fund an environmental-impact report to satisfy the judicial ruling and then proceed to put the ban in motion.
Profile Plastics relocating within Ohio
HARTVILLE, OHIO Custom extruder Profile Plastics Inc. this summer will move from Hartville into a larger plant in nearby Canton, Ohio.
President Bryan Knowles said all 17 employees will transfer to the new location. Profile Plastics currently leases 32,000 square feet of space in a large industrial building, but the property owner wants to demolish the structure, Knowles said.
In Canton, Profile Plastics will lease 47,000 square feet in another industrial building. The company will move its eight single-screw extruders.
Profile Plastics is getting $100,000 in low-interest loans to help with the relocation $50,000 from the Stark County Community Improvement Corp. and $25,000 each from the Canton CIC and Stark Development Board Finance Corp.
Profile Plastics was founded in 1993 when Bryan Knowles' father, Keith Knowles, and David Kamerer bought the assets of an extrusion company and moved the business to Hartville.
The company serves a variety of markets.
Layfield expands capacity for coex film
RICHMOND, BRITISH COLUMBIA Layfield Poly Films Ltd. has begun operating a three-layer Gloucester coextrusion line at its Richmond headquarters plant. The equipment adds 6 million pounds of coextrusion capacity.
The line enables Layfield to increase its versatility and efficiency in producing multilayer film, Jared Sauder, regional sales manager, said in a news release. Products include differential slip bags, gas flush packaging, barrier films, stretch hooder films and coextruded, converter-grade sheeting.