Royal Group fraud trial set for April
WOODBRIDGE, ONTARIO Criminal proceedings have been scheduled for former executives of Royal Group Technologies Inc. of Woodbridge.
The trial for the six former executives is due to start April 20 in the Ontario Court of Justice in Newmarket, Ontario, according to the Ministry of the Attorney General.
Former Royal CEO and founder Vic De Zen and five other Royal executives will be tried for fraud totaling C$29 million (US$27.8 million) for events that occurred in 1997 and 1998.
One alleged offense was a land-transfer deal north of Toronto; another alleges officials defrauded Royal of C$2 million (US$1.9 million) in the sale of a door subsidiary. Officials were charged by the Royal Canadian Mounted Police in 2008, nearly five years after initial investigations began.
Vinyl profiles and pipe extruder Royal Group Technologies was bought by Georgia Gulf Corp. of Atlanta in 2006 and eventually renamed Royal Group Inc.
JCI to buy plants from bankrupt Visteon
DETROIT Visteon Corp. is seeking bankruptcy court approval to sell two plastics interior-parts plants in Highland Park, Mich., and Saltillo, Mexico, to Johnson Controls Inc. for about $17 million, according to court documents.
The plants supply Chrysler Group LLC with interior components like cockpits, consoles and door trim under contracts that will be taken over by JCI if the sale is approved. The deal, for the 217,000-square-foot Highland Park plant and the 109,000-square-foot Saltillo plant, is expected to close April 30.
Chrysler and Visteon struck a deal in November to move the contracts to other suppliers, with Chrysler giving Visteon about $31 million to facilitate the re-sourcing. Visteon struck similar deals with General Motors Co., Ford Motor Co., American Honda Motor Co. and Nissan North America Inc. to transfer parts production to other suppliers, allowing Visteon to exit unprofitable business lines as it restructures.
In May, Visteon filed for Chapter 11 protection in U.S. Bankruptcy Court for the District of Delaware, in Wilmington. The company was struggling under a heavy debt load during a time when automotive production volumes were at the lowest levels in decades, dragging down revenue.
Prior to filing for Chapter 11, Visteon had never turned an annual profit since being spun off from Ford Motor Co. in 2000. However, the company posted a profit of $184 million in 2009, driven mostly by cost-cutting, including a $195 million gain from terminating retiree health-care benefits in the fourth quarter of 2009.
Unnamed molder considers Ga. location
AUGUSTA, GA. An undisclosed company operating under the name Project Zebra is exploring whether to locate an injection molding plant in Augusta.
Officials with the Development Authority of Richmond County did not provide details. Local reports identified Todd Mayfield as CEO. The plant would employ 64-100, those reports said.
The authority on March 25 approved an inducement resolution that will allow the firm to hire a bond lawyer and begin seeking financing for the project. Project Zebra hopes to secure between $78 million and $100 million in industrial revenue bonds. The resolution is a very preliminary stage of the process to create a new plant, and does not guarantee that a plant will be built, authority officials said.
Plastimagen moves next show to 2011
MEXICO CITY The next Plastimagen México trade show will be held Oct. 4-7, 2011.
The show, which originally was set to be held in March 2012, was changed so it will not conflict with NPE2012, said the show's owner and organizer, E. J. Krause de México of Mexico City.
The Washington-based Society of the Plastics Industry Inc. will hold its next NPE show during the first week of April 2012.
Given the important participation both of exhibitors and visitors at NPE, we felt obliged to move the dates to avoid a clash between the two events, Plastimagen's organizing committee announced at this year's show, held March 23-26 in Mexico City.
We know that the industry is becoming more and more international and we would not like to choose a date [for Plastimagen] close to other important exhibitions, such as Argenplas, PlastIndia and Chinaplas, the committee said.
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