Omnium to take full ownership Inergy
PARIS Plastic Omnium SA plans to take full ownership of its Inergy Automotive Systems joint venture, which bills itself as the world's largest supplier of plastic fuel tanks and systems.
France's Plastic Omnium formed Inergy as a 50-50 joint venture with Solvay SA of Brussels in 2000. The companies said in a June 17 news release that they expect to finalize an agreement for Plastic Omnium to buy Solvay's shares within the next few months.
The change in ownership likely will have no impact on Inergy, said Joel Kopinsky, a principal with ITB Group Ltd., a Novi, Mich.-based company that tracks the fuel system business. Inergy has operated as a strong stand-alone firm, so the change in ownership should not impact any operations.
The change in ownership also falls into line with Solvay's recent moves to reduce its holdings in part production, he said, while Plastic Omnium, with headquarters in Paris, makes a variety of exterior parts including fascias, fenders and body panels.
Inergy, based in Paris, is expected to see more than 1 billion euros ($1.2 billion) in sales this year.
Parkway expands aerospace operation
FLORENCE, KY. Parkway Products will expand its aerospace and defense production facility in Boone County, Ky., near Erlanger.
The Florence-based company's existing plant, which is about 70,000 square feet, will expand to 125,000 square feet, adding 50 more jobs, David Clettenberg, corporate marketing and sales coordinator, said in a June 15 telephone interview.
The company is able to expand with the help of a 10-year package of economic incentives from the state of Kentucky. A Feb. 25 report from the Kentucky Economic Development Finance Authority detailed these incentives, including a $500,000 tax incentive if certain employee compensation and hiring targets are met.
Clettenberg can see the company moving forward in the future, as polymers replace metal in the aerospace industry because of the significant weight savings.
Parkway's Erlanger facility does resin transfer molding, vacuum-assisted resin transfer molding (VARTM), autoclave molding, bonding and compression molding.
Advanced Drainage buys fittings firm
HILLIARD, OHIO Advanced Drainage Systems Inc. has acquired Inserta Fittings Co., an Oregon company that makes connectors that can join corrugated, solid wall, profile wall and concrete pipe.
This deal comes on the heels of ADS' purchase of StormTech LLC, Foltz Concrete Pipe Co. LLC and Piedmont Concrete Structures.
Inserta Tee is another example of an innovative technology that fits well with our other broad product offerings, said Joe Chlapaty, chairman and CEO of Hilliard-based ADS, in a June 15 news release. The need for reliable, cost-effective and long-life products to handle water and sewer applications continues to accelerate, he added.
Inserta Fittings, based in Forest Grove, Ore., makes the Inserta Tee-brand connector. The company was founded in 1969 and offers a line of water-tight fittings for nearly all storm, sanitary and electrical applications.
According to Plastics News' rankings, ADS is North America's largest producer of corrugated polyethylene pipe.
In the most recent PN ranking of North American plastic pipe, profile and tubing makers, ADS placed third with related sales of $900 million.
Additives maker boosts position in India
ULSAN, SOUTH KOREA Additives maker Songwon Industrial Co. Ltd. is establishing a sales, customer service and warehouse office in India to bolster its presence in the Indian subcontinent and Southeast Asia.
The Mumbai facility will be its headquarters for the two regions, Ulsan-based Songwon said in a June 17 statement.
We have chosen India because it is one of the key driving forces of global economic development and in particular we expect a continuous growth in the plastic-related industries, said Dieter Morath, executive vice president of Songwon International AG. Demand for our products is growing rapidly and the region is fast becoming a very important market for us.
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