Prime Colorants quick to exit Chapter 11
FRANKLIN, TENN. Prime Colorants Inc. exited bankruptcy last month, only five days after filing for Chapter 11 protection.
The Franklin-based color concentrates maker had filed Dec. 13 in U.S. Bankruptcy Court in Nashville, Tenn., according to court records. A company spokesman said the filing was connected to an $800,000 claim made by former owner Ed Honicker, relating to his tenure with the firm.
Honicker had founded Prime Colorants in 1975 along with current CEO Endre Zongor. In 2006, Zongor bought out Honicker's share of the company.
Prime Colorants exited bankruptcy Dec. 18 after Honicker agreed to reduce and modify his claim, according to court records. The firm's operations were not affected by the five-day bankruptcy period, the spokesman said.
Prime Colorants employs 26 at a 60,000-square-foot plant, making color, additive and liquid concentrates based on a variety of commodity and engineering resins. The firm posted sales of more than $10 million in 2009, with building and construction ranking its largest end market.
GM gets into electric motor business
DETROIT General Motors Corp. will bump up its investment in the electric-car infrastructure, putting $246 million into developing and manufacturing its own electric motors.
The Detroit-based automaker just opened its own plant to product lithium-ion battery cells in the Detroit suburb of Brownstown Township, touting itself as the first major U.S. automaker to have its own battery production. It echoed that title with its Jan. 26 announcement about electric motors.
It has not released any details for its plan, but said a facility will be built in an existing GM plant in the U.S. and its first electric motor will debut in a 2013 rear-wheel-drive hybrid vehicle.
Electric motors have the potential to use plastics in connectors, wire insulation and part encapsulation, according to DuPont Co. engineers working on future programs.
Japan's Fanuc plans factory in China
OSHINO, JAPAN In order to meet increasing demand and expand its service to the Chinese market, Japanese automation equipment maker Fanuc Ltd. is building a factory in Shanghai.
The facility will house not only robot manufacturing, but also labs, training, technical service and a robot application research institute.
Construction started with a ground-breaking ceremony Nov. 20. The initial construction will create 252,123 square feet of building space, the company said in a news release.
Fanuc formed a joint venture, Shanghai-Fanuc Robotics Co. Ltd., with partner Shanghai Electric Group in 1997. Five years later, Shanghai-Fanuc moved to Pudong and built a 32,292-square-foot factory there. In 2008, it purchased land in Baoshan for the new factory.
Shanghai-Fanuc reported it sold 360 sets of robots in 2006, nearly 600 in 2007 and more than 1,000 in 2008. Fanuc Ltd. is based in Oshino.
ITW buys British film-coatings maker
GLENVIEW, ILL. Illinois Tool Works Inc. has acquired ICI-Imagedata, a Manningtree, England-based maker of specialty coatings for polyethylene films used in card printing.
Terms of the deal, announced Jan. 26, were not disclosed. A spokeswoman for Glenview-based ITW would not comment on the acquisition.
The acquired company will be called ITW Imagedata, according to a news release.
In a Jan. 27 telephone call, ITW Imagedata General Manager Ian Stephenson said his firm, which was founded in 1988, was part of London-based Imperial Chemical Industries plc before ICI's 2008 acquisition by Akzo Nobel NV, a Dutch chemical giant based in Amsterdam.
Since 2008 Akzo has sold off several ICI assets, including ICI-Imagedata's former plastic identification card coatings line, Stephenson said. He said about 50 employees remain with the new ITW Imagedata.
Mexican auto suppliers' sales plunge
MEXICO CITY Automotive industry suppliers in Mexico, many of which rely heavily on plastics, saw 2009 sales drop 29 percent.
The National Autoparts Industry Association (Industria Nacional de Autopartes) estimates those sales totaled $41.5 billion.
However, if production of light vehicles across the world increases by 23 percent this year, Mexican suppliers' sales will rise by 28 percent over those in 2009, INA added in a news release.
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