Group adds compounder to operations
SOUTH BEND, IND. Monomoy Capital Partners LP, the owner of Fortis Plastics LLC of South Bend has purchased the assets and operations of compounder Global Thermoplastics LP.
The acquisition, announced April 27, is the fourth made by the New York-based private equity group in eight months. The companies did not disclose a purchase price.
Houston-based Global Thermoplastics has an annual capacity of 30 million pounds of engineered resins. Fortis is now uniquely positioned to provide our customers with cost-efficient, high-quality solutions for all of their requirements, CEO Joseph Mallak said in a news release.
Monomoy started Fortis in 2008 when it bought the custom molding divisions of Leggett & Platt Inc. and Atlantis Plastics Inc. It added Moll Industries Inc.'s Ramos, Mexico, plant in February 2009 to expand Fortis' reach. The company is designed to be a regional custom molder capable of delivering parts for a variety of North American industries. The group encompasses a $200 million molder with 1,200 workers.
Ex-CRG workers create new company
MENOMINEE, MICH. Seven former employees of shuttered CRG Logics Inc. have started a new auxiliary equipment company geared toward extrusion, Advanced Blending Solutions Inc.
We're going to be serving the same market, President Mike Rasner said. The company will build a vibratory feed-style, continuous loss-in-weight blender called Vibra-Grav, he said. The new company also will do retrofit controllers.
Advanced Blending Solutions started April 20 in Menominee. Its operation is located inside the 99,000-square-foot building of a machine builder and fabrication company, which Rasner would not name.
Rasner was a co-founder of CRG Logics in De Pere, Wis., which was closed in late March by its lending institution. CRG had developed a line of auxiliary equipment for extrusion, including resin-conveying systems, gravimetric and batch blenders, feeders and controllers.
Rasner said the new company plans to hire 5-7 additional employees once it adds production capabilities.
Investigators visit fatal accident site
SURGOINSVILLE, TENN. State officials have completed their inspection of Alladin Plastics Inc., the Surgoinsville custom injection molder where a worker accidentally was killed last month. But the results of that inspection will not be released for another 4-6 weeks, said Jeff Hentschel, a spokesman for the state Department of Labor.
Lonnie Mowl, 61, was killed April 7 while trying to help a co-worker fix a machine. Mowl had worked at the plant for more than 30 years. His death was the first workplace fatality in Alladin's 63-year history.
Alladin Executive Vice President Bob Hickman said Mowl, a supervisor at the plant, crawled under a 1,500-ton press to clean off grease that had accumulated on a mold and was dripping on to plastic chairs that were being molded at the time. The machine closed up on Mowl, killing him instantly, Hickman said by phone May 1.
Mowl first should have pushed the machine's emergency stop button, then turned off its motors and opened its door before attempting to clean it, Hickman added. This was a terrible accident, but it could have been avoided, he said.
Alladin was closed for two days after the accident. The firm has re-trained its employees and reviewed its safety procedures, and also plans to purchase and install additional safety equipment, Hickman said.
Alladin does injection molding work for several industries including automotive, electronics, furniture and military.
Auction date set for molder's presses
STERLING HEIGHTS, MICH. Thirty injection molding presses are part of an auction set for May 20-21 at closed auto supplier Advanced Accessory Systems. AAS of Sterling Heights made a variety of roof racks and towing systems. It shut down as the auto industry stalled late in 2008.
Most of AAS' products involved metal, but it also operated injection molding at its plant in the Detroit suburb of Shelby Township. All equipment from that plant and another site in Port Huron, Mich., are set to be sold at the auction, which will be conducted by Hilco Industrial LLC of Farmington Hills, Mich.
In 2005, AAS had more than $250 million in annual sales.