Foam molder enters S.C. at new plant
JEANNETTE, PA. Huntington Foam LLC is expanding to South Carolina, investing more than $5 million in a new facility for customers in the region.
We have had opportunities where anchor customers have asked us to come to South Carolina, and other customers in the region wanted us there as well, said President Gary McLaughlin in a Dec. 23 telephone interview.
The Greer, S.C., site will employ up to 60 in an 81,000-square-foot building with multipress manufacturing.
Jeannette-based Huntington molds foam for customers in a variety of industries, including automotive and home appliance. South Carolina will provide a good base to supply products for growing business in the Southeast, McLaughlin said.
Huntington also has operations in Pennsylvania, Michigan, Arkansas and two sites in Mexico. The company had faced the possibly closure of its Brockway, Pa., facility earlier in 2010, but was able to maintain business there.
McLaughlin said the firm oversaw a reorganization two years ago that refocused its business, and provided the opportunities to expand with new business as the economy recovered.
Huntington expects to begin manufacturing in Greer by the end of January.
New Lakeshore owner to expand staff
WILLIAMSTON, MICH. WPI LLC has bought injection molder Lakeshore Diversified Products of Spring Lake, Mich., for an undisclosed price.
Jack Van Loon, who founded Lakeshore in 1989, is expected to leave the firm to pursue other interests.
Lakeshore has annual sales of about $6.5 million and specializes in encapsulation and insert molding. It also offers pad printing, machining and similar services. The firm operates 32 injection presses and employs 50 at a facility that covers more than 100,000 square feet.
All Lakeshore employees are expected to be retained. WPI also plans to add 25-50 jobs at the site this year, officials said.
Williamston-based WPI invests in makers of hard and soft interior trim part for North American and transplant auto makers. Lakeshore is the second acquisition of the year for WPI, but officials declined to identify the firm in the prior acquisition.
BlueWater Partners LLC of Grand Rapids, Mich., served as exclusive financial adviser to Lakeshore on the deal.
Southeast Asia's TSRC acquiring Dexco
TAIPEI, TAIWAN Taiwanese synthetic rubber producer TSRC Corp. has announced it will buy U.S.-based thermoplastic elastomers maker Dexco Polymers LP from the partners that own the venture, ExxonMobil Chemical Co. and Dow Chemical Co.
TSRC will pay $168 million for the company, according to a number of reports in the Asian press.
Dexco Polymers produces styrene isoprene and styrene butadiene styrene TPEs at its plant in Plaquemine, La.
TSRC said the acquisition will help it to upgrade its technology, provide its customers a wider array of products and diversify its customer base throughout the Americas, Asia and Europe.
The deal requires regulatory approve in the U.S. and Taiwan, which is expected by the second quarter of 2011.
TSRC produces styrene butadiene rubber and polybutadiene rubber. It also makes Taipol TPE for adhesives, industrial compounds and shoes.
Rhodia purchasing India's PI Polymers
LYON, FRANCE Specialty chemicals producer Rhodia SA has signed a binding agreement to acquire PI Polymer, the engineering plastics business of Gurgaon, India-based PI Industries Ltd.
Rhodia of Lyon said the deal supports its goal of attaining a more than 15 percent share of the Indian nylon compound market by 2015. It did not reveal its current market share.
FranÃ§ois Hincker, president of Rhodia Engineering Plastics, said the deal will dramatically accelerate our growth in India and Rhodia will boost capacity shortly at PI Polymer, which forecasts $13 million in sales the current fiscal year.
PI Polymer has one plant, which employs more than 80. The company also has research and development capabilities and works through a logistics network in India.
Rhodia said that, subject to various closing conditions, the transaction is expected to be finalized by the end of March.