India's Uflex to build Kentucky plant
NOIDA, INDIA Flexible packaging firm Uflex Ltd. plans to invest $180 million to set up a greenfield plant in Kentucky.
Chief Financial Officer R. K. Jain said the company will build the plant in two phases. The first phase, which will cost $85 million, will include capacity to make 66 million pounds per year of PET film. That part of the project is scheduled to be complete by the end of 2012, and production will begin in early 2013.
The second phase, to become operational in 2014, would double annual capacity, he said.
The company is seeking about $50 million in financing from two German banks.
The Kentucky plant would cater to the eastern United States.
We are open to the idea of setting up of another unit somewhere in the northern U.S., Jain said.
Uflex, based in Noida, claims to be the fifth-largest manufacturer of packaging films in the world. It has plants in India, Mexico, Poland, Egypt, and in Dubai, United Arab Emirates. He said Uflex cannot ignore the U.S. and Europe, which he called the largest global markets for flexible packaging.
Visteon aggressive about acquisitions
DETROIT – Visteon Corp., the former Ford Motor Co. parts unit that exited bankruptcy six months ago, is hunting acquisitions.
The company seeks to strengthen its four product groups: lighting, interiors, electronics and climate systems, CEO Donald Stebbins said. We are not interested in adding a fifth leg, he said at an April 12 event sponsored by Detroit-area law firm Dawda, Mann, Mulcahy & Sadler PLC.
Visteon of Van Buren Township, Mich., cut debt by about $2.1 billion during 16 months of court protection. It posted profit of $1.13 billion in the last three months of 2010, its first quarter out of bankruptcy, aided by a $933 million gain from its reorganization.
The company spent most of 2009 in bankruptcy and recorded its first annual profit since its 2000 spinoff from Ford.
Stebbins said it has been some time since Visteon has been in a position to make acquisitions.
We are aggressively looking for opportunities, he said.
Plastics News estimates Visteon's North American injection molding sales for 2010 at about $210.5 million.
Composites group forms molders arm
ARLINGTON, VA. The American Composites Manufacturers Association has formed a new group to give a unified voice to thermoset molders.
Thomas Meola, chief operating office of Premix Inc. in North Kingsville, Ohio, and Kevin Barnett, president and CEO of Core Molding Technologies Inc. in Columbus, Ohio, are co-chairs of the new Thermoset Molders Committee.
Arlington-based ACMA said the committee will allow compression molders to work with their suppliers on initiatives including marketing, codes and standards, and political advocacy.
The Thermoset Molders Committee will provide a great opportunity to bring many thermoset molders together to collaborate on key industry initiatives that will help to strengthen our presence and expand our reach in many markets, Meola said in a news release.
Sun Capital buys UK film maker Britton
LONDON Private London investment firm Sun European Partners LLP has added to its packaging holdings with the purchase of Britton Flexibles Ltd. Terms of the deal were not disclosed.
Winsford, England-based Britton is one of Europe's largest polyethylene film producers. The firm has been owned by London-based HSBC Private Equity since a 2008 management buyout.
Britton specializes in flexible packaging, with extrusion, printing, lamination, and conversion capabilities. It has three plants in northern England producing cereal liner film, printed shrink wrap, banking coin bags and other products.
Britton's chief executive, Mike Clark, said ownership by Sun European Partners will offer significant synergies to his firm.
Philippe Neuschaefer, vice president of Sun European, pointed out that in the past year alone, affiliates of his firm have completed more than a half-dozen acquisitions in the packaging industry across Europe and the United States.
He said Britton, with its excellent track record in flexible plastic packaging, is a good fit for Sun Europe.
London-based Sun European Partners is a subsidiary of Boca Raton, Fla.-based Sun Capital Partners Inc.