Pallet manufacturer enters Chapter 11
LIBERTY CENTER, OHIO Injection molder Triple Diamond Plastics Inc. has entered bankruptcy protection with hopes of restructuring debts and continuing as an economically viable firm.
Triple Diamond of Liberty Center filed Aug. 28 for Chapter 11 protection in U.S. Bankruptcy Court in Toledo, Ohio, listing debts of between $1 million and $10 million.
The firm injection molds pallets and collapsible containers. It had 14 employees as of mid-August. Triple Diamond listed sales of $3 million in 2007 and $3.4 million in 2008 according to court filings, but has posted only $985,000 so far in 2009 sales.
In an affidavit, President Kevin Knight said the company has had difficulty because of the economic slowdown, adding that ongoing events decreased Triple Diamond's cash flow and increased uncollectible accounts receivable.
Sumitomo Demag signs pact with Sepro
SCHWAIG, GERMANY French automation supplier Sepro Robotique will provide robots to injection press maker Sumitomo (SHI) Demag Plastics Machinery GmbH and Sumitomo Demag said it intends to fully integrate the robots into its presses, under an agreement signed in June.
Officials of Sumitomo Demag said the Sepro robots give the Schwaig-based company a standardized robot system to help the press maker meet global demand for automated machines.
Sepro's SDR series of three-axis robots has been attuned to Sumitomo Demag's hydraulic Systec presses and the all-electric IntElect series, with clamping forces of 35-2,000 metric tons.
Sepro robots use the French company's Visual 2 controller, which communicates with Sumitomo Demag presses through the Euromap 67 protocol that defines the connection between an injection molding machine and a robot or handling device.
Cardinal creates CareFusion via spinoff
SAN DIEGO Cardinal Health has spun off its medical products division, creating a nearly $4 billion medical products company called CareFusion Corp.
The new company, based in San Diego, had $3.7 billion in sales and nearly $450 million of profit in its fiscal 2009, ended June 30. It makes ventilators and respirators, neurological monitoring and diagnostic products, smart-pump intravenous systems, surgical instruments, and automated medication-dispensing systems.
CareFusion is a collection of more than 20 companies acquired by Dublin, Ohio-based Cardinal Health in the past 15 years. The spinoff creates a company similar in size to Hospira, which was spun off from Abbott Laboratories in 2004.
CareFusion is the third large spinoff of a medical products company in the past five years the other being Covidien, spun off from Tyco International in 2007.
We have a track record of innovation and growth that we intend to make a hallmark of CareFusion for the future, said President and CEO David Schlotterbeck in a Sept. 1 statement.
CareFusion has more than 15,000 employees in 20 countries. Schlotterbeck joined the company in 2004 when Cardinal Health purchased medical-pump manufacturer Alaris Medical Systems of San Diego for $2 billion.
Entrepreneur seeking site for recycling
GRAND RAPIDS, MICH. A Grand Rapids businessman is looking for a location for a new $6 million plastics recycling venture.
Green Mountain Recycling will grind, pelletize and sell a variety of post-consumer and post-industrial plastics from a base in western Michigan, owner Jim Watrous said in an Aug. 20 telephone interview.
Watrous expects to finalize a site for Green Mountain by October and begin operations in the late spring or early summer of 2010. He said he already has contacts with resin suppliers and potential customers.
Though he does not have a plastics background, Watrous said his Grand Rapids-based Professional Business Services Inc. staffing company has installed manufacturing lines and done repairs for plastics firms. That business exposed him to the potential for a plastics recycling business, he said.
Green Mountain will tap into Professional Business Services to get up and running quickly, Watrous said, adding that the recycling firm will invest in all-new equipment. He expects the new business to launch with 12 employees and said it could employ 75 people within five years.
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