Lau Rubber and Plastics opens US office
GREENVILLE, S.C. — Lau Rubber and Plastics Products Ltd. has opened a North American headquarters for operations, sales and marketing in Greenville to handle present customers and build the firm's base for the future.
The molded goods maker — based in Guangzhou, China — also has plans in place to eventually open a manufacturing facility once the North American market has been developed more fully, a spokesman said. The location for the site has not been determined.
Lau Rubber selected Greenville to house its operations offices because there's a growing automotive industry presence, which is an area of strength for the company, said Joseph White, chief operating officer. “Additionally, it gives us easy access to other manufacturing sectors located in the Southeast as well as the Midwest and Northeast.”
The company, which currently operates three production plants in China, is in the midst of constructing a manufacturing and research center in Guangzhou that is expected to be operational in 2014.
Prism launches Mich. molding facility
CHESTERFIELD TOWNSHIP, MICH. — Prism Plastics LLC has just launched production at its new Detroit-area injection molding facility and already expects to add new employees there within the year.
Prism also moved its headquarters to the site in Chesterfield Township from its original facility in Port Huron, Mich. The company continues molding in Port Huron as well as at its third location, in Harlingen, Texas.
The firm specializes in tight-tolerance parts. The new plant has 10 injection molding machines and 10 employees and is running three shifts, seven days a week, said Vice President Jerry Williams in a Sept. 20 press release marking the grand opening.
Prism officials said the company will see annual sales of about $22 million this year, up from $5 million in 2009.
Berry anticipates $468 million from IPO
EVANSVILLE, ILL. — Packaging giant Berry Plastics Group Inc. expects to raise about $468 million in its initial public offering, the company said in a Sept. 19 filing with the Securities and Exchange Commission. The amount represents the midpoint of the estimated range of $16-$18 for the initial share price. Berry will sell 29.4 million shares, although underwriters have an option to buy extra shares.
Berry expects its shares to begin trading Oct. 4 on the New York Stock Exchange under the symbol BERY. Berry currently is owned by investment funds associated with Apollo Group Management LLC and Graham Partners Inc. of Newtown, Pa. New York-based Apollo will retain a majority interest in Evansville-based Berry after the offering. Minority shareholders will be management, Graham Partners and co-investors.
Berry reported pro forma sales of $4.8 billion for the year ended June 30. It had a net loss of $212 million in that period. Its largest business segment is rigid packaging.
Following the release of Berry's prospectus, Standard & Poor's Ratings Services placed all its ratings on Berry, including the B- corporate credit rating, on CreditWatch with positive implications. The agency said Berry's plan to retire some debt with its IPO is a positive step.
Blaze damages Shelter Enterprises
COHOES, N.Y. — Shelter Enterprises Inc.'s facility suffered significant damage from an early morning fire Thursday, according to local news reports.
The Troy Record said the stubborn fire started in the manufacturing area and burned for more 16 hours. It also said two-thirds of the building was saved, but suffered water and smoke damage.
Several reports stated owner Jeffory Myers wants to rebuild and is seeking to resume production as soon as possible. They also said the 40 employees will be meeting with state officials to learn about unemployment benefits. Further information was not available from the Cohoes-based company.
According to its website, Shelter makes building and packaging products, including expanded polystyrene foam packaging, box liners, custom EPS fabrications and window fin guards.