Printpack boosts European converting
ATLANTA Film converter Printpack Inc. has completed the initial stage of a $12 million complex in Kutno, Poland. The full project is due for completion in the second half of 2010.
The operation, which launched production in June, is located in the Lodz special economic zone. It will manufacture a range of flexible packaging aimed at the food industry across Europe.
Printpack plans to employ about 85 in the complex, which will provide 107,000 square feet of operating space when complete.
This is the first operation in mainland Europe for Printpack, which makes blown and cast film, extrusion and adhesive laminations, stand-up pouches, and shrink sleeves and labels.
The company also has a plant in Bury, England, and a packaging facility in Querétaro, Mexico.
LME to cease floor trading in plastics
LONDON The London Metal Exchange has reported better-than-expected half-year trading volumes, but plastics is coming off the trading floor at the start of 2010, officials said.
Trading in the LME plastics contracts has been concentrated [online] on LMESelect and the telephone markets. The decision to focus liquidity in these trading venues is a reflection of the way in which the industry trades, said Martin Abbott, LME chief executive, in a statement.
In a news release, exchange officials said polypropylene and linear low density polyethylene futures trading in its open outcry ring are likely to end in February.
Octal expecting two-year sales surge
SALALAH, OMAN Five months after opening a plant in Salalah, PET resin maker and sheet extruder Octal Holding & Co. SAOC said it is on course to reach $1 billion in sales by 2011, with export volumes expected to triple during the next two years.
Sheikh Saad Suhail Bahwan, Octal's chairman, said monthly sales of PET reached $25 million in June and will reach $100 million per month by the middle of 2011.
Despite the [economic] downturn, our business is growing, he said. We are winning new customers while the competition cuts back or closes down, and making steady progress in converting the market to PET, he said.
June was Octal's busiest month to date, with 44 million pounds of PET resin and sheet sold to local, regional and international customers.
Octal exports 66 percent of its products to Europe, 30 percent to North America, and the remainder to Mideast and Asia.
Portola moving to newer facility in R.I.
BATAVIA, ILL. Portola Tech International, a manufacturer of plastic packaging for the cosmetic and personal-care industries, will relocate production from Woonsocket, R.I., just south of the Massachusetts border, to nearby Cumberland, R.I.
Batavia-based Portola Packaging Inc., Portola Tech's parent, said July 15 the move is part of its ongoing streamlining.
We have an old manufacturing facility in Woonsocket, R.I., not suited for the type of work we want, Portola Tech President Rick Schofield said.
Portola Packaging bought Woonsocket-based custom molder Tech Industries Inc. in 2003. Since then, Portola Packaging has been working to take Portola Tech's products global, with help from Portola-owned plants in Shanghai and Czech Republic.
All Woonsocket employees will make the 10-mile move.
Delisted Polyair Inter Pack now private
TORONTO A Chicago private equity firm has taken Polyair Inter Pack Inc. private. Glencoe Skydome Holdings LP had held about 98 percent of Polyair, and shareholders approved a plan July 13 in which Glencoe bought the rest.
Polyair delisted its shares in May. By June its share price was C$0.03 (US$0.0258) on the NEX Board of the TSX Venture exchange. The board recommended that Glencoe take Polyair private, and Glencoe agreed to pay C$0.05 (US$0.043) per share.
The Toronto company recorded a series of quarterly losses until its most recent quarter, when it earned US$149,000 despite a 26 percent drop in sales to US$21.3 million. It attributed the return to profitability to lower raw material costs and corporate expenses, a stronger currency exchange and lower debt-servicing costs. Polyair makes protective packaging and swimming pool covers. Seven of its eight plants are in the U.S.
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