Polyethics acquires Mid-America Bag
ORILLIA, ONTARIO Polyethics Industries Inc. has diversified into consumer bags with the March 28 acquisition of Mid-America Bag LLC of Pleasant Prairie, Wis.
Polyethics of Orillia had focused on institutional and industrial biodegradable bags but the purchase launches it into private-label, retail and consumer trash and food bags. The deal expands Polyethics' production capacity to 23 extrusion lines. Terms of the purchase were not disclosed.
Diversification was one of the key drivers for the deal, according to Jason Glass, Polyethics director of sales and marketing.
We see ongoing consolidation and we like the assets, Glass said in a telephone interview from his firm's Newmarket, Ontario, facility, which is its main distribution center. The center houses Polyethics' laboratory for biodegradable additives.
Polyethics forecasts the acquisition will boost its annual sales by 70 percent but it did not provide exact figures.
Polyethics runs two production plants in Orillia, where it is moving Mid-America's assets. With the Newmarket facility, the firm's total floor space is 250,000 square feet, Glass said.
Mid-America produced Maximum- and Optimum-brand bags sold by major retailers like Home Depot and Wal-Mart. Mid-America was also a leader in private-label bags and made industrial and institutional trash bags.
Polyethics will add about 25 employees, mainly in production, in Orillia as a result of the acquisition.
Cooper Standard buys Tenn. molder USi
NOVI, MICH. Cooper Standard Automotive Inc. has purchased injection molder and hard-coating technology specialist USi Inc., which will provide the auto supplier with more opportunities to supply exterior trim.
USi, based in Rockford, Tenn., was part of Tokyo-based Ikuyo Co. Ltd. The companies did not disclose a purchase price in a March 28 news release.
Cooper Standard, based in Novi, makes a variety of functional parts as well as exterior trim and sealing products. Buying USi not only brings the firm increased molding production and hard-coating technology in North America, but also will provide more capabilities to compete in Europe and to supply more trim parts there, CEO Jim McElya said.
On its website, USi lists 13 presses, with clamping forces of 210-1,100 tons, along with two hard-coat lines for polycarbonate glazing and other products. It also has six paint lines, assembly and printing. It turns out PC-glazed windows, exterior trim, lights and a variety of interior and exterior trim painted parts.
USi's portfolio incorporates Japanese, North American and European technologies, which will allow Cooper Standard to offer a full range of bright trim-sealing assemblies that are quickly gaining popularity, McElya said.
Zotefoams buys rest of MuCell Extrusion
CROYDON, ENGLAND Zotefoams plc now owns 100 percent of MuCell Extrusion LLC after buying out its partner in the venture, Trexel Inc.
Zotefoams, a foam manufacturer, paid $7.5 million for the remaining stake in the business.
Croydon-based Zotefoams and Woburn, Mass.-based Trexel Inc. formed MuCell Extrusion in 2008, aiming to expand the MuCell microcellular foaming technology beyond Trexel's base in injection molding.
Zotefoams had owned a 30 percent stake in the extrusion-focused venture; now it owns the entire business.
Trexel CEO Steve Braig said the deal will allow his firm to focus on its core business using MuCell in injection molding applications.
The MuCell extrusion business goes after specialized extrusion foaming applications through the use of technology licensing agreements, and we moved away from that model some time ago, Braig said in a news release.
The MuCell foaming method is aligned with global trends of environmentally friendly technology and reduced material content, said Zotefoams Chairman Nigel Howard.
We anticipate that MuCell will benefit from further investment by Zotefoams as well as from our financial backing and global reach.
Braig said that in the future, Trexel also will focus on blow molding applications for MuCell, starting with the company's existing base of customers in the automotive sector.