PN's next issue runs Sept. 6: Exec pay
AKRON, OHIO — This combined issue of Plastics News is for Aug. 23 and 30. The next issue — on Sept. 6 — will feature our Executive Compensation Ranking special report, which looks at the pay and benefits at North American publicly traded plastics processors, compounders and recyclers.
Plastics News, based in Akron, will regularly update its Web site during the break. So, stay on top of the latest in breaking news by checking online daily at PlasticsNews.com.
Trinity Packaging expanding in Virginia
ARMONK, N.Y. — Bag maker Trinity Packaging Corp. will make a “multimillion-dollar” investment to expand capacity at its plant in Rocky Mount, Va.
The project will create 25 new jobs and retain 75, according to an Aug. 17 news release from Virginia Gov. Bob McDonnell.
Based in Armonk, Trinity was founded in 1917 as Trinity Bag and Paper Co. In 1979, the firm entered into the plastics market and throughout the 1990s expanded its plastics offerings to include mailing envelopes and bags for retail, food service and lawn and garden.
McDonnell approved a $100,000 grant from the Governor's Opportunity Fund to assist with the project. The Virginia Tobacco Indemnification and Community Revitalization Commission approved another $100,000 in Tobacco Region Opportunity Funds.
Trinity also is eligible to receive rail-access funding from the state Department of Rail and Public Transportation. The state Department of Business Assistance will provide training assistance through the Virginia Jobs Investment Program.
Dow names two to leadership posts
MIDLAND, MICH. — There's new leadership in place at the plastics-related businesses of Dow Chemical Co.
Juan Luciano has been named president of the Performance Division for Midland-based Dow. The division includes Dow's Performance Products and encompasses many specialty plastics.
A 25-year Dow veteran, Luciano most recently was senior vice president of basic plastics, hydrocarbons and energy, and joint ventures. He worked with Dow's plastics businesses from 2000-06 before returning to that sector in 2008.
Luciano holds degrees from the Buenos Aires Institute of Technology and is a national trustee in the Midwest regions for the Boys & Girls Clubs of America.
Jim Fitterling has been named Dow's president of plastics and hydrocarbons, a role that covers the firm's polyethylene and polypropylene businesses, as well as its 50 percent share in polystyrene joint venture Americas Styrenics.
Fitterling's previous plastics experience includes a four-year stint (2005-09) in PE and basic plastics. He's a 26-year Dow veteran and a graduate of the University of Missouri.
Commonwealth under new ownership
CLEVELAND — Private equity firm Riverside Co. of Cleveland has sold its ownership stake in Commonwealth Laminating & Coating Inc., a window film maker based in Martinsville, Va.
The sales price and buyer of the business were not disclosed, but Riverside officials confirmed the company was sold to another private equity firm.
Riverside had owned an 80 percent stake in Commonwealth since 2006. Under Riverside's ownership, Commonwealth added a third laminated production line and a new dyed film line as well, Riverside partner Steve Dyke said by phone Aug. 19. Commonwealth also expanded its product line and grew internationally during that four-year period.
Commonwealth management will remain in place. They had owned the remaining 20 percent of the firm, and sold their stake to the same buyer, but then repurchased a minority stake. The firm's products include window film used for solar protection, aesthetics and security.
The firm operates a single plant in Martinsville.
Officials with Riverside said the sale netted the firm a multiple of 10 in gross cash-on-cash return. A return of two or three is considered a good return in the private equity market.