New rotomolder gets aid from Canada
ST.-ANTONIN, QUEBEC — The Canadian federal and Quebec provincial governments have aided the startup of a rotational molder in St.-Antonin.
Industries Rototeck Inc. specializes in making parts for plastic trunks, and accessories for all-terrain vehicles and snowmobiles.
The firm was created from the acquisition of the assets of Groupe Plastic MS Inc. in St.-Antonin, according to a news release from Quebec's Ministry of Economic Development, Innovation and Export.
The province contributed more than C$151,000 (US$145,000) in repayable grants for the startup, while the federal Community Adjustment Fund contributed C$150,000 (US$144,000) in repayable grants.
The Rototeck project is expected to create 10 jobs initially and another 15 positions in 2010.
Therma-Tru, Fypon merge to cut costs
MAUMEE, OHIO — Therma-Tru Inc. of Maumee and Archbold, Ohio-based Fypon Ltd. are merging and consolidating some of their operations as part of a cost-cutting strategy.
Fortune Brands Inc. is the parent company of both firms. Therma-Tru manufactures fiberglass and steel entry doors, and Fypon makes polyurethane and PVC millwork.
On Jan. 1, 2010, Fypon employees will become Therma-Tru workers. But a small percentage of Fypon's PU production in Archbold will move to its plant in Yantai, China, eliminating about 50 jobs.
Therma-Tru's door-making operation in Butler, Ind., is not expected to change, and Fypon will keep its brand name.
Fiberglass is expected to make up about 30 percent of the entry-door market in 2010.
China broadens anti-dumping tariffs
BEIJING — China is taking action against countries it accuses of dumping cheap resin on its shores.
The Ministry of Commerce said nylon 6/6 resin from the United States, Italy, the United Kingdom, France and Taiwan is hurting China's domestic nylon manufacturers.
Beginning Oct. 13, anti-dumping duties between 5.3 percent and 37.5 percent were imposed. Nylon 6/6 compounds are exempt from the measure.
The tariff is 20.9 percent for exporters in Taiwan, France, the U.K., and Italy, with the exception of Italy's Radici Chimica SpA, which has been granted a rate of 5.3 percent.
Rates are higher for U.S. companies — 31.4 percent for St. Louis-based Ascend Performance Materials LLC, 25.2 percent for Wichita, Kan.-based Invista sarl, and 37.5 percent for all other U.S. companies.
China's leading nylon resin producer, Shenma Engineering Plastics Co. Ltd. of Pingdingshan, petitioned for an anti-dumping investigation in September 2008.
China also has decided to continue to impose anti-dumping duties on PVC from the United States, South Korea, Japan, Taiwan and Russia. That tariff has been in place since 2003.
SIG buys Reynolds Packaging businesses
DUBLIN — Beverage Packaging Holdings (Luxembourg) III sarl, a holding company of SIG Holding AG, said Oct. 15 that it will buy Richmond, Va.-based Reynolds Packaging Group's consumer products and closure systems international businesses, in deals worth $3 billion.
In an announcement to the Irish Stock Exchange, BPIII said the acquisitions will be funded with almost $2 billion and 700 million euros ($1 billion) of senior secured debt, 116 million euros ($172 million) in cash and 500 million euros ($743 million) of equity, according to Bloomberg News.
SIG is a Neuhausen am Rheinfall, Switzerland-based packaging machinery manufacturer owned by Auckland, New Zealand, billionaire Graeme Hart through his Rank Group Holdings Ltd.
Rank Group also owns Reynolds' consumer products business, which makes aluminum foil and plastic wraps and bags; and its closure systems unit, which makes plastic closures for the beverage industry. It acquired Reynold's closure systems from Alcoa Inc. in March 2008 for $2.7 billion, along with Reynolds' flexible and food packaging units.
Copyright 2009 Crain Communications Inc. All Rights Reserved.